Wells Fargo analyst Philip Winslow lowered his price target for Box to $22.50 from $27 following quarterly results. The analyst views management's billings outlook for Q2 and revenue guidance as "disappointing," as he had expected billings growth to begin to improve more meaningfully after Q1. Although Winslow is "frustrated by Box's poor execution" on the company's go-to-market strategy, he remains optimistic regarding the potential of the introductions of Relay 2.0, Shield, and Skills to increase deal sizes and ASPs as well as the Digital Business, Digital Workplace, and Digital Workplace Global suites to simplify Box's go-to-market motion and increase deal sizes and ASPs. As such, the analyst continues to believe that reaccelerating growth is still on the table, just not in the timeframe he had been forecasting. He reiterates an Outperform rating on the shares.