Carbonite

Share price: $10.43

Online backup specialist Carbonite went public in August 2011 at $10 per share, and Canaccord believes shares are attractive, now that they are close to the IPO price.

Davis believes Carbonite is likely to be the second fastest-growing public SaaS (software as a service) company this year, behind Cornerstone OnDemand ( CSOD).

"Like any good IPO, near-term numbers are likely to be sufficiently conservative that Carbonite should have several more quarters of meeting or beating expectations," Davis noted in his report. The analyst believes now is a good time to get bullish on Carbonite, but would be bearish on the name at $ 9 per share. He sees six-month upside to Carbonite's stock at $14, close to 35% higher than current levels.

Davis notes that Carbonite does not make money, and could be subject to selling pressure should investors get nervous.

Year-to-date, shares have lost 5.5%, and have lost 15.06% since shares were open for trading.

Carbonite reports earnings on Feb. 9, and is expected to lose 26 cents per share on $15.93 million in revenue, according to Thomson Reuters.

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