UPDATE: Lake Street Capital Initiates Coverage On Carbonite Inc
Lake Street Capital Markets initiated coverage of Carbonite Inc (NASDAQ: CARB) with a Buy rating and $16 price target.
Analyst Eric Martinuzzi issued a report in which he expressed that Carbonite represents a “hidden growth story.”
According to the report, investors may still see Carbonite as an online backup service geared towards the slowing consumer market. Martinuzzi argues that “the company is in the process of writing a second chapter of growth by attacking the SMB backup market with a new product and an expanded channel.”
Additionally, the company has released server backup software, a hybrid local and cloud storage backup appliance and is building out the reseller channel.
The report indicated that the Carbonite’s SMB business is expected to grow 35+ percent between 2014 and 2015. Disruptive pricing also gives Carbonite an advantage according to Martinuzzi, as the new hybrid backup appliance is offered as a service without any CapEx for the customer.
Carbonite Inc. traded at $10.23 late Thursday, up 2.2 percent.
Latest Ratings for CARB
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Nov 2019 | Northland Capital Markets | Downgrades | Outperform | Market Perform |
| Nov 2019 | RBC Capital | Downgrades | Outperform | Sector Perform |
| Oct 2019 | Jefferies | Downgrades | Buy | Hold |
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Posted-In: Eric Martinuzzi Lake Street Capital MarketsAnalyst Color Price Target Initiation Analyst Ratings
