- JMP Securities analyst Erik Suppiger upgraded Box Inc (NYSE: BOX) to Outperform from Market Perform with a $32 price target, implying a 26.83% upside.
- Suppiger believes Box's leadership has "transformed many aspects of the company to optimize for shareholder value" and that the company is executing significantly better than just two years ago.
- In addition, the market for data management more broadly, including cloud content management, is "expanding rapidly" as digital transformation and remote working are increasing the strategic value of digital content and collaboration in the enterprise.
- Box commands a higher valuation given the "distraction" from the improvement in the fundamentals.
- Price Action: BOX shares traded higher by 1.03% at $25.50 in the premarket session on the last check Monday.
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