Box down after disappointing Q3 outlook, brokerages cut PTs

Box

30/08/2023 13:09

** Software firm Box Inc's shares  BOX.N  fall 9% to $27.9
premarket
    ** BOX forecasts Q3 adj. EPS and revenue lower than Wall
Street estimates - Refinitiv
    ** Brokerage Craig Hallum cuts PT to $30 from $35;
downgrades co to "hold" from "buy" on declining number of
registered users (seats) 
    ** Brokerage sees billings growth not accelerating in FY
2025 as co's net customer retention outlook declines
    ** J.P. Morgan cuts PT to $33 from $34, citing macro and
forex headwinds pressuring seat expansion for the rest of the
year 
    ** Citigroup also cuts PT on stock
    ** Up to last close, stock down 1% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))