Commvault price target lowered to $135 from $162 at Stephens

Stephens lowered the firm’s price target on Commvault (CVLT) to $135 from $162 and keeps an Overweight rating on the shares. While Commvault’s net new ARR and SaaS NRR were below expectations, the firm views the 30% stock pullback as “an overreaction” relative to a 100 basis point reduction in the ARR growth outlook, the analyst tells investors. While the quarter appears to be fueling concerns about the durability of displacement-driven growth in data protection, the firm sees “no evidence of a material change in Commvault’s fundamental growth outlook,” the analyst added.