Analysts See Up To 62% Upside In Box Post Q3 Beat

Analysts raised their price targets on Box Inc BOX following Q3 beat and Q4 outlook.

• Keybanc analyst Steve Enders maintained an Overweight and raised the price target from $29 to $30, implying a 28.1% upside.
• Morgan Stanley analyst Josh Baer raised the price target to $30 from $29 and maintained an Equal Weight. 
• His estimates moved higher after the report, and he continues to see "modest upside" for Box shares given strong execution and accelerating growth. Still, Baer stays at Equal Weight on a relative basis, given more significant upside elsewhere among the stocks he covers.
• Raymond James analyst Brian Peterson raised the price target to $30 from $29 and reiterated an Outperform.
• The rating follows an "impressive" Q3 report that accelerated several key growth metrics, particularly billings. 
• The company's efforts to sell back into its installed base have "clearly improved," said Peterson, who thinks "the path towards incremental shareholder value has become increasingly clear" following its quarterly report and $200 million expansion of its stock buyback program.
• Craig-Hallum analyst Chad Bennett raised the price target to $38 from $31, implying a 62.3% upside, and affirmed a Buy. 
• The analyst notes the company delivered its third quarter of top-line acceleration, stringing together "three impressive quarters this year," with each better than the last.
• Price Action: BOX shares traded higher by 10.1% at $25.77 in the premarket session on the last check Wednesday.