Credit Suisse analysts led by Philip Winslow lowered Box's price target to $18 from $24 following weaker than expected Q1 billings and deferred revenue. The analyst maintains his Outperform rating on management's vision in terms of Box's enterprise-focused strategy, technology platform, and focus on incorporating incremental, value added functionality, however, he believes the increasing seasonality on billings growth and the shortfall in billings and deferred revenue versus estimates will raise investor concerns in the near-term and result in a depressed valuation multiple relative to its growth rate.