I am downgrading Commvault Systems to 'Hold' due to increased leverage and stronger competitive positioning from peers like Rubrik. CVLT's transition from backup to cyber resilience targets a $38B market by 2031, with resilient demand amid rising AI-driven cyber threats. Despite beating FQ3 2026 estimates and raising guidance, CVLT trades at 3.2x EV/Sales, in line with SaaS peers, but faces slower growth versus Rubrik.









