UPDATE: Monness Crespi Hardt Initiates Coverage on CommVault Systems on Solid Simpana Upgrade Cycle and New Growth Markets

In a report published Monday, Monness Crespi Hardt analyst Jeffrey Fidacaro initiated coverage on CommVault Systems (NASDAQ: CVLT) with a Buy rating and $90.00 price target.

In the report, Monness Crespi Hardt noted, “We are initiating coverage of CommVault Systems with a Buy rating and a $90 target price as we believe its industry-leading storage software, Simpana 10 upgrade cycle and new initiatives to expand its total addressable market should prove that our FY14 and FY15 revenue growth targets of 19% and 17%, respectively, are conservative.”

CommVault Systems closed on Friday at $77.00.