Commvault price target lowered to $175 from $210 at Truist

Core Viewpoint - Truist has lowered the price target for Commvault (CVLT) to $175 from $210 while maintaining a Buy rating, indicating a cautious outlook for the cybersecurity sector in Q4 [1] Group 1: Price Target and Ratings - The price target for Commvault (CVLT) has been reduced to $175 from $210 [1] - Truist continues to hold a Buy rating on Commvault shares despite the price target adjustment [1] Group 2: Market Outlook - Companies in Truist's coverage are expected to report strong performance in calendar Q4, with a conservative approach to guidance [1] - The analyst anticipates a continued beat-and-raise cadence for 2026 based on current model setups [1] Group 3: Demand and Macro Environment - Conversations with IT budget holders and software sellers suggest that demand and the macro environment remain stable [1] - There is ongoing momentum in Security & AI initiatives, which is a positive sign for the sector [1] Group 4: Sector Challenges - Software equities are facing significant pressure as investors shift focus towards AI hardware [1] - Concerns include AI-driven competitive disruption, slow monetization of AI features, prolonged high interest rates, and geopolitical shocks affecting the sector [1] - The iShares Expanded Tech-Software Sector ETF (IGV) has declined approximately 7% in the first few weeks of trading [1]