- Commvault Systems ( NASDAQ: CVLT ) shares down ~7% after Piper Sandler analyst James Fish cut the recommendation to neutral from overweight, citing a deterioration in supply chains during the quarter.
- Price target set to $69 from $78, implying a 8% increase from last price.
- James Fish says supply chain issues should start to normalize in 2H22, and more materially in 2023.
- CVLT stock opened at $63.91 and is currently changing hands at $59.33, very close to fifty-two week low of $56.
- The company is all set to release it's FQ1 earnings on July 26, before market opens.
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Commvault Systems downgraded to neutral at Piper Sandler citing supply chain issues