Commvault Systems target raised to $44 at Needham

Via Briefing:

Needham raises their CVLT tgt to $44 from $37 saying they believe CVLT is demonstrating strong vision as a leading provider of next generation data and information management software. Firm says factors which should drive growth include: improving macro/IT spending and evidence of datacenter refresh projects; growing percentage of CVLT sales in these enterprise class deals; new product cycles (Simpana 9); strong growth in non-backup (ADIM) products; and new strategic distribution relationships.