Commvault price target lowered to $100 from $167 at RBC Capital

RBC Capital lowered the firm’s price target on Commvault (CVLT) to $100 from $167 and keeps a Sector Perform rating on the shares after its Q3 results. The quarter was again mixed, though the stock reaction down over 30% was extended, the analyst tells investors in a research note. Investor questions were largely around net new annual recurring revenue, net retention rate, guidance and potential readthroughs, though much like last quarter, the issues were “rather nuanced”, RBC notes, adding however that investors will likely look for execution to regain confidence around the story.