Analysts project 27% upside potential for Box Inc., boosted by strong earnings and new integrations
From Barchart: 2024-04-10 14:27:19
Box Inc. (BOX) is a cloud content service platform serving various industries with collaborative workflow and storage systems. With a market cap of $4.03 billion, Box stock has gained 7% this year, driven by a surge after the 4Q results, which met revenue expectations and beat earnings estimates.
Box’s latest quarterly results showed revenue of $262.9 million, meeting expectations, and adjusted earnings of $0.42 per share, exceeding estimates. For the current quarter, the company expects earnings between $0.35 and $0.36 per share, with revenue projected at $261 million to $263 million.
Despite slower-than-expected guidance due to currency fluctuations, Box announced a new integration with Microsoft Azure OpenAI and a Box app for Apple Vision Pro. CEO Aaron Levie highlighted the importance of AI in accelerating businesses’ adoption of the cloud and content transformation. Additionally, Box’s inclusion in the S&P SmallCap 600 Index boosted stock value by 5%.
Analysts have a consensus “Moderate Buy” rating for Box stock, with a mean price target of $31.10, indicating a potential upside of 13.5%. After earnings, Morgan Stanley and Oppenheimer reiterated “Overweight” ratings for the stock and raised price targets to $35, reflecting expected upside of 27.7% from current levels.
Read more at Barchart: 1 AI Software Stock With 27% Upside Potential, According to Analysts