Improving Carbonite (CARB) Fundamentals to Propel Stock Higher

Canaccord Genuity maintained a Buy rating on Carbonite (NASDAQ: CARB) with a price target of $8.00.

Following up on decent quarterly results, analyst Richard Davis said "Carbonite shares are sufficiently depressed that we believe the firm's transition to new SMB backup markets and continued growth in core consumer cloud backup should keep the stock at least flat until visibility improves."

"After that, which we assume to be sometime in spring 2013, improving CARB fundamentals could quickly propel the stock to the upper-single-digit level, if not a bit higher," he said.

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 $6.53 yesterday.

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