Box, Inc. (BOX) Racks Up its 5th Quarter of Accelerating Growth, PT Lowered to $41 at Craig-Hallum
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Craig-Hallum analyst Chad Bennet lowered the price target on Box, Inc. (NYSE: BOX) to $41.00 (from $44.00) after the company beat revenue consensus, growing 18% y/y in the fifth consecutive quarter of accelerating growth. Full-year guidance increased moderately, despite a 2-point headwind to growth and $0.08 to EPS.
The analyst reiterated a Buy rating, stating "BOX is on a multi-year trajectory for increasingly profitable revenue growth acceleration. The company targets 15-17% top-line growth and 25-28% operating margins in FY’25. We are confident in the company’s ability to achieve these targets, given that it is largely a continuation of the same strategy that re-accelerated revenue growth last year: selling Suites. Today, Suites account for 37% of revenue and BOX targets Suites to represent >50% of revenue in FY’25. We are optimistic about Suites penetration due to the fact that BOX has a ripe base of ~100k customers with their content in Box cloud. With Suites, customers can consolidate other point solutions (e-sign, security, workflow, etc.) onto Box and realize a tremendous amount of value."
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