Box, Inc. (BOX) PT Raised to $34 at Citi

Citi analyst Steven Enders raised the price target on Box, Inc. (NYSE: BOX) to $34.00 (from $32.00) while maintaining a Buy rating.

The analyst comments "BOX reported solid F2Q results with an acceleration in forward looking metrics incl RPO (+14% cc from 8%) and billings (+9% cc from 5%). Macro was largely stable with some strength in Japan and public sector (incl SLED) w/ Box AI contributing to improved Suites/large deal execution (+50 vs. 30 last Q). While we are encouraged by the acceleration/upside to billings (+$15M beat), we’d note some impact from FX (+$4M FX) and early renewals (+$3M) with most of the revenue raise from FX (+$10M, $2M in cc). We are encouraged by the improved execution and AI showing incremental contribution as we raise our TP to $34 based on 14x CY25 EV/FCF."

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