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Lake Street Capital Markets initiated coverage of Carbonite, Inc. (NASDAQ: CARB) with a Buy rating and $16 Target Price on Thursday.
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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 $10.31 late Thursday, up 3 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.