Why These Analysts Raised Price Targets For Box After Upbeat Q3 Print

Box Inc BOX reported strong results for the fiscal third quarter, with both revenues and earnings ahead of expectations.

Raymond James On Box: Analyst Brian Peterson of Raymond James reiterated an Outperform rating for Box, while raising the price target from $29 to $30.

The results showed acceleration “across a number of key growth metrics,” the analyst wrote. “With the growth improvement not coming at the expense of profitability (margins up 200 bp y/y) and management incremental $200 million towards share repurchase, we think the path towards incremental shareholder value has become increasingly clear,” he added.

KeyBanc Capital Markets On Box: Analyst Steve Enders of KeyBanc Capital Markets maintained an Overweight rating for the company, while raising the price target from $29 to $30.

“Box guided FY22 revenue, EBIT, and EPS better by $11M, $6M, and $0.04, respectively, as execution continues to improve with billings, ST billings, and cRPO growth accelerating to 25% y/y, 18% and 21%, respectively, with a DD y/y increase in sales productivity,” Enders said in the note.

Image: Courtesy Box