Canaccord analyst Richard Davis downgraded Box to Hold from Buy and lowered his price target to $16 from $24 following the company's Q1 results, saying the company's fundamental position is "too strong" for it to be executing this sporadically. In a research note to investors, Davis says he has defended the "intermittent" execution of Box for too long, and says that while a "white knight" activist could arrive, "that is blind hope." Davis adds that private equity firms almost never make hostile overtures, so he thinks it will rest on the harsher side of the finance world, the activists, to stir things up at Box.