Canaccord: Carbonite Worth Another Look
According to a research report published earlier today by Canaccord, Carbonite (NASDAQ: CARB) shares have traded off more than 50% from the firm's post-IPO highs.
Canaccord said in the report, “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. Reiterate BUY.”
Carbonite is currently trading at $8.39.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.