Commvault price target raised to $200 from $185 at DA Davidson

DA Davidson raised the firm’s price target on Commvault (CVLT) to $200 from $185 and keeps a Buy rating on the shares following “strong” Q4 results. The firm noted cyber resilience solutions accounted for 25% of total net new annual reoccurring revenue in Q4. DA Davidson continues to believe high-teens annual recurring revenue growth is durable for at least the next few years given increasing SaaS mix, increasing cyber resilience contribution, DORA, the new Dell partnership and more, the firm told investors in a research note. DA Davidson added that shares are “undervalued” and a “discount” to similar growth SaaS peers.