KeyBanc lowered the firm’s price target on Commvault (CVLT) to $108 from $152 and keeps an Overweight rating on the shares following a mixed Q3 as NNARR constant currency missed expectations due to a greater mix shift to SaaS and longer duration term deals. The firm views the mixed Q3 results more so the result of unpredictability on duration and mix shift, and what could have been clearer messaging and expectation setting, rather than a deterioration in demand or change in the competitive environment.
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