Canaccord Genuity Reiterates a 'Buy' on Carbonite (CARB); Sell-off Overdone
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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: 5 | New: 26
Rating Summary:
2 Buy, 13 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' on Carbonite (NASDAQ: CARB) price target of $16.00.
Analyst, Richard Davis, said, "CARB share have traded off more than 50% from the firm’s post-IPO highs. With the lock-up expiration behind us, a meaningfully underpenetrated opportunity in consumer, a long-duration SMB product cycle commenced, a new TV advertising campaign underway, and competitive dynamics misunderstood, we think CARB is worth another look. The firm’s per customer economics are attractive, and Carbonite appears set to be one of the fastest growing SaaS companies in the space for the next several years. We see little reason why CARB shares could not close the valuation gap with its peer group (the small cap SaaS group trades at 3.6x EV/C2013E revenues vs. CARB’s 1.2x), a move that would take the stock into the high teens over time."
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 $8.06 yesterday.
Analyst, Richard Davis, said, "CARB share have traded off more than 50% from the firm’s post-IPO highs. With the lock-up expiration behind us, a meaningfully underpenetrated opportunity in consumer, a long-duration SMB product cycle commenced, a new TV advertising campaign underway, and competitive dynamics misunderstood, we think CARB is worth another look. The firm’s per customer economics are attractive, and Carbonite appears set to be one of the fastest growing SaaS companies in the space for the next several years. We see little reason why CARB shares could not close the valuation gap with its peer group (the small cap SaaS group trades at 3.6x EV/C2013E revenues vs. CARB’s 1.2x), a move that would take the stock into the high teens over time."
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 $8.06 yesterday.
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