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Fly News Breaks for June 4, 2019
BOX
Jun 4, 2019 | 09:49 EDT
DA Davidson analyst Rishi Jaluria lowered his price target on Box to $19 after the company reported "another rough quarter" and cut its FY20 revenue targets. The analyst also notes that the billings growth at Box was "only 1%" and the departure of the company's head of sales highlighted its continued sales execution issues. Longer term, Jaluria is keeping his Buy rating on Box, citing its increased focus on margin expansion, solid large deal momentum, and continued traction with add-ons, along with its anticipated margin upside in FY20 and FY21 on reduced hiring plans.
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