Box stock soars after Goldman calls it a buy
Shares of Box Inc. are up more than 5% in Tuesday trading after Goldman Sachs analyst Ted Lin initiated coverage of the stock with a buy rating and $31 target price. "We view Box as one of the best-positioned vendors in cloud content management, taking advantage of the shift of enterprise content management to the cloud as well as the unification of enterprise content management with enterprise file sync and share," Lin wrote. He expects that the company is exiting a "transition period" that lasted for the past year and caused the company to modify its sales process. Lin sees the potential for a reacceleration in bookings for the fiscal 2019 and a reacceleration in revenue for fiscal 2020. The stock has gained 23% over the past three months. The S&P 500 is little changed in that time. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.