Wells Fargo analyst Philip Winslow notes that Starboard Value LP submitted a Schedule 13D filing to the SEC indicating that the company now owns 7.5% of Box. The analyst would not be surprised if Box's executive team and/or board of directors were to consider strategic options or significant changes at the company to unlock shareholder value. While Winslow is uncertain of Starboard's specific plans, he believes the investment company could be focused on two primary avenues to potentially unlock shareholder value, namely growth versus margin and M&A, with Winslow seeing Box as a potential attractive acquisition candidate. He reiterates an Outperform rating and $20 price target on Box shares.