UPDATE: JPMorgan Maintains Overweight Rating on Carbonite with $13 PT

In a report published Monday, JPMorgan maintained its Overweight rating on Carbonite Inc.

with a price target of $13. JPMorgan noted, "We believe CARB currently trades at less than the value of the future cash flow from its current subscriber base alone. If it were never to add any new subscribers, we value CARB's shares at about $11 based on the NPV of expected future cash flow from its existing subscriber base. Recognizing the potential secular issues with the stock, we do believe that CARB will continue to grow and is excessively undervalued at current share levels. Maintain Overweight with a December 2013 price target of $13 based on Scenario 3 of our DCF." Carbonite closed at $8.81 on Friday.