3 Takeaways From the Box, Inc. (BOX) Fireside Chat; PT to $27 - Oppenheimer

March 23, 2021 7:59 AM EDT
Get Alerts BOX Hot Sheet
Price: $21.55 -0.42%

Rating Summary:
    14 Buy, 9 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Oppenheimer analyst Ittai Kidron reiterated an Outperform rating on Box, Inc. (NYSE: BOX) after hosting CEO, Aaron Levie, and CFO, Dylan Smith, for a fireside chat. The firm also raised its price target to $27 (from $24). The chat revealed 3 key takeaways:

1) Box's shift to cloud-focused content management (deeper security, integrations, retention policies, etc.) has separated it from competitors

2) Box Sign opens up a new upsell opportunity and it's highly requested by customers

3) incremental expansion opportunities can come from customer focus on data security and governance, as well as new use cases such as automation

The analyst reiterated an Outperform rating, stating "We expect the near-term focus to center on driving Box Suites (45% attach rate for deals >$100K) and Box Shield uptake. We believe management's multi-year efforts of driving upsell value are finally delivering results and with Box Sign, we see more opportunity ahead. The expansion of the sales force (increasing low teens % in FY22) could make for revenue tailwinds in FY23."

For an analyst ratings summary and ratings history on Box, Inc. click here. For more ratings news on Box, Inc. click here.

Shares of Box, Inc. closed at $23.80 yesterday.

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