Box gains on Q4 profit beat; brokerages raise price targets

Box

06/03/2024 13:35

** Shares of software firm Box  BOX.N  advance 4% to $28.35
premarket 
    ** Co reports Q4 adj. EPS of 42 cents, beating analysts'
estimates of 38 cents - LSEG data
    ** However, it forecasts FY25 revenue and adj. EPS below
Wall Street estimates 
    ** Three brokerages including Citigroup raise their price
targets on co's stock after its results
    ** Brokerage Raymond James continues to see positive signs
around co's core growth dynamics, with increasing suite
adoption, new products and pricing tiers 
    ** J.P.Morgan says it is encouraged by the improvement in
some of co's forward-looking metrics in Q4; sees increasing
revenue and potential product unlocks helping growth 
    ** Eight analysts covering stock rate it "buy" or higher,
two rate it "hold" and one rates it "sell"; median PT at $32 -
LSEG data 
    ** Stock lost 17.7% in 2023, but has gained 6.4% so far this
year 
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))