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Fly News Breaks for February 11, 2019
DELL, CVLT
Feb 11, 2019 | 06:07 EDT
Piper Jaffray analyst Andrew Nowinski downgraded CommVault Systems (CVLT) to Neutral and lowered his price target for the shares to $66 from $71. The analyst believes the recent management changes are a positive for the company, but he views the current estimates and prior guidance as unachievable. The consensus estimate for fiscal 2020 calls for 11.5% growth in software license revenue, though the market is only growing 4.7%, Nowinski tells investors in a research note. With increasing competition from Veeam, Rubrik, Cohesity and Dell Technologies (DELL), this target will be difficult to exceed, particularly with Commvault cutting investments in Sales & Marketing, says Nowinski. Further, he sees "little opportunity" for Commvault to get acquired, as he believes Veeam, Rubrik and Cohesity are more likely candidates.
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