JPMorgan Downgrades Box, Inc. (BOX) to Underweight
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JPMorgan analyst Mark Murphy downgraded Box, Inc. (NYSE: BOX) from Neutral to Underweight with a price target of $15.00.
- Incrementally more negative noting increased competition generates a LT structural headwind for the company.
- Says negative spending intentions for the company in recent 2019 CIO survey reflects heightened competition.
- "Our downgrade reflects the expectation of LT negative impacts from an increasingly competitive environment and therefore headwinds to a materially higher stock price, rather than the expectation of an imminent negative catalyst."
Shares of Box, Inc. closed at $17.05 yesterday.
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