UPDATE: BMO Capital Markets Initiates Outperform On CommValut On Simpana 10.0 Product Cycle

In a report published Wednesday, BMO Capital Markets analyst Joel Fishbein initiated an Outperform Rating on CommVault Systems CVLT and initiated a price target of $105.00. In the report, BMO Capital Markets says "CommVault has the only software platform in the industry with a single technical foundation that can provide industry-leading solutions, dramatically reducing the cost, time, and risk associated with protecting, recovering, finding, and accessing data across the enterprise. Further, it has complete flexibility to deal with on-premise data centers, the cloud, remote, or branch offices, desktops, and laptops or mobile devices. The Simpana 10.0 product cycle and increasingly strong pipeline should lead to strong growth and expanding profitability as the company expands into new markets as it capitalizes on the growth in data." CommVault Systems closed on Wednesday at $70.69.