Commvault initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Commvault (CVLT) with an Outperform rating and $200 price target The firm views Commvault as a beneficiary of the rising importance of data, which is driving backup storage TAM; benefiting from growing data security breaches and ransomware attacks that are creating new revenue opportunities; and as a leading provider of BaaS and DRaaS offerings. The firm believes strong new customer additions, existing customer expansion activity, and continued market share gains can drive 35%-40% SaaS ARR growth over the next three years, the analyst tells investors.