UPDATE: Oppenheimer Sees Opportunity in Carbonite (CARB) and Raises Rating to Outperform
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(Updated - October 11, 2016 10:54 AM EDT)
Oppenheimer upgraded Carbonite (NASDAQ: CARB) from Perform to Outperform with a price target of $21. Analyst Brian Schwartz said he sees substantial upside based on valuation and fundamentals.
"Specifically, we think 2017 Street forecasts are too low as investors could be underappreciating that: 1) the company’s growth plan with eVault is taking shape; 2) cost savings alone from eliminating duplicated eVault data centers will drive margin improvements/ outperformance in 2017; and 3) execution concerns are mitigated by greater stability in leadership," said Schwartz.
The analyst added, "Bottom Line: We think as management delivers good execution in upcoming quarterly reported results it will garner increasing investor recognition for the business, and catalyze a re-rating higher of CARB’s valuation multiples to coincide with a higher estimates trend."
Shares of Carbonite closed at $14.77 yesterday.
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