Fly News Breaks for June 4, 2019
Jun 4, 2019 | 09:24 EDT
Raymond James analyst Brian Peterson lowered his price target for Box to $21 from $24 following a "disappointing" Q1 report, featuring a modest 1% billings miss and a reduction to the fiscal 2020 revenue outlook. In a research note to investors, Peterson, who maintains an Outperform rating, says he is "surprised" by the guidance reduction this early in the year, especially in a seasonally slow bookings/ billings quarter, adding that while new product attach rates suggest that ACV will continue moving higher over time, the linearity of these efforts has been slower than anticipated.
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