On-Cal Cyber Resilience Preview: CVLT & AVP T

研报英文原文证据摘录

On-Cal Cyber Resilience Preview: CVLT & AVP T

USA | Software EquityJulyResearch22, 2026

KEY STOCKS FEATURED INCLUDE:On-Cal Cyber Resilience Preview: CVLT & AVPT

Our 2Q cyber resilience VAR survey indicates healthy demand & 2H pipelines but TICKER RATING PRICE TARGET

slight downtick vs 1Q. For CVLT, investors likely expect at least mid $40Ms of AVPT BUY $16.00

Sub NNARR vs $37.5M cons, which may be a bit difficult given seasonality, our CVLT HOLD $150.00

downticked survey work qoq (noted deal push outs) & potential for modest FX

headwinds. We see AVPT's 2Q ARR setup as manageable, & our limited survey

work was positive, but modest FX headwinds could pressure reported upside. KEY CHANGES INCLUDE:

TICKER RATING PRICE TARGET

Quarterly Cyber Resilience VAR Survey. Overall feedback indicated healthy C2Q cyber resilience CVLT HOLD $150.00 ($110.00)

demand and 2H pipeline, though some VARs noted 2-3 month deal pushouts due to budgetary

caution. VARs see cyber resilience as a must-have, driven by continued ransomware pressure,

geopolitical risk, and regulation. They also see customers favoring platforms with cybersecurity

Chart 1 - 75% of Resellers Namedcapabilities and cloud/SaaS workload protection. Finally, while there appear to be some green Cybersecurity as a Top 3 Driver of Cyber

shoots from AI adoption readiness, the opportunity remains early. See full survey note here. Resilience Spend Growth in 2026

80% 75% 75%

Component Prices Impacting Customer Buying Behavior. Most VARs in our survey saw some 70%60%

45%degree of delayed purchases in C2Q, though many saw both pushouts and pull-forwards (VARs 50%

40% 40%

40% 35% 35% 35%

could select both options). Among CVLT VARs, 1/2 saw cycle elongation, while 1/4 saw pull- 30% 30% 30% 25% 35% 25% 25%

forwards.