Oppenheimer analyst Ittai Kidron says that although Box delivered a "solid" April quarter ahead of expectations, the company reported lower than expected billings and an only in-line guide that will likely weigh on the shares near term. The Q1 billings drop may take several quarters to flush out as previous multi-year payers are converted to annual payments and new buying patterns reflecting large deal seasonality and IBM are absorbed, the analyst tells investors in a research note. Kidron lowered his price target on the shares to $18 from $21 but reiterates an Outperform rating on the stock on the long-term view.