Canaccord Genuity Reiterates a 'Buy' on Carbonite (CARB); Another Solid Quarter Should Calm Nerves
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Price: $22.98 --0%
Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Carbonite (NASDAQ: CARB) price target of $16.00.
Analyst, Richard Davis, said, "Carbonite beat and modestly raised off of its December quarter. The stock is subject to bouts of investor fear because CARB is adding customers so quickly that the firm won’t make money on a FCF basis for another 5-6 quarters (new customers reach breakeven in about month 16). The fundamental reality is that cloud backup of files – documents, music, video, applications – is a market that is less than 5% penetrated. Thus, we are not at the point in evolution of the market when vendors aggressively collide with each other and pricing is what drives purchase decisions. As such, we believe CARB’s rapid growth runway is several years in duration. If we are correct, there is every reason to expect this stock to be meaningfully higher a year from now."
For an analyst ratings summary and ratings history on Carbonite click here. For more ratings news on Carbonite click here.
Shares of Carbonite closed at $10.42 yesterday.
Analyst, Richard Davis, said, "Carbonite beat and modestly raised off of its December quarter. The stock is subject to bouts of investor fear because CARB is adding customers so quickly that the firm won’t make money on a FCF basis for another 5-6 quarters (new customers reach breakeven in about month 16). The fundamental reality is that cloud backup of files – documents, music, video, applications – is a market that is less than 5% penetrated. Thus, we are not at the point in evolution of the market when vendors aggressively collide with each other and pricing is what drives purchase decisions. As such, we believe CARB’s rapid growth runway is several years in duration. If we are correct, there is every reason to expect this stock to be meaningfully higher a year from now."
For an analyst ratings summary and ratings history on Carbonite click here. For more ratings news on Carbonite click here.
Shares of Carbonite closed at $10.42 yesterday.
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