3 Takeaways From the Box, Inc. (BOX) Fireside Chat; PT to $27 - Oppenheimer
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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."
Shares of Box, Inc. closed at $23.80 yesterday.
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