Box, Inc. (BOX) PT Raised to $42 at BofA Securities

BofA Securities analyst Michael Funk raised the price target on Box, Inc. (NYSE: BOX) to $42.00 (from $39.00) while maintaining a Buy rating.

The analyst comments "Intelligent Content Management software vendor Box delivered its fifth consecutive quarter of accelerating constant currency rev growth (+11% Y/Y vs +10% in 1Q) and its highest net retention rate in 13 quarters (106%). 2Q results increase our confidence in Box’s ability to hit the high end of its long-term 10-15% rev growth target and make Street estimates for 8.7% and 8.8% growth in FY28/FY29 appear increasingly conservative. Management raised the FY27 revenue outlook by 0.8%/$10mn, more than the $2mn 2Q beat, implying a healthier 2H outlook. Net rev retention ticked up 1% for the second consecutive quarter as Enterprise Advanced drives larger deployments, seat expansion, and higher price per seat. Box is one of the few apps vendors demonstrating visible AI product momentum, which we view as critical to app software performance."

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