CVLT - Commvault +4.4% as Piper Sandler sets Street-high price target ahead of Investor Day

Commvault Systems (CVLT) is up 4.4% after an upgrade to Overweight at Piper Sandler, from Neutral. The firm is expecting a positive catalyst from an upcoming Analyst/Investor Day set for Jan. 27. There, "we believe management will outline a plan for 25% OPM over the next three years, resulting in double-digit EPS growth," analyst James Fish and team write. There are still challenges ahead, but Commvault has a more competitive product portfolio, and Street estimates look too low, he says, "given lead metrics and the operational movements." Piper has boosted its price target to a Street-high $68 from $45; that implies 15% upside.

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Commvault +4.4% as Piper Sandler sets Street-high price target ahead of Investor Day