Oppenheimer Raises Price Target on Carbonite (CARB) After Visiting Headquarters
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Oppenheimer reiterated an Outperform rating on Carbonite (NASDAQ: CARB), and raised the price target to $22.00 (from $21.00), following a visit to the company's headquarters. Oppenheimer received an E2 product deep dive with Sr. Product Manager Matthew Mendoza, and VP of Investor Relations Jerry Sisitsky, and came away impressed with the technology vision and product capabilities.
Analyst Brian Schwartz commented, "Last week we visited Carbonite's headquarters in Boston for a product deep dive of its new E2 hybrid appliance. We came away impressed with the technology vision and product capabilities, and think E2 can act as a good ARPU enhancer for the business over time given higher price points. E2 offers SMBs an attractive value proposition and pricing, and the new product is another driver for management to deliver consistency in upcoming quarterly reports. Bottom Line. We carry an upward bias to consensus estimates on CARB and think investors are overlooking the improving business story and strong uptrend taking hold for the company. We also think CARB's valuation is too cheap for the company's growth, profits and positive free cash flow trajectory. Raise target to $22 from $21."
Shares of Carbonite closed at $18.30 yesterday.
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