The firm said the company could see an even higher price if free cash flow goals are met.
Box is bucking the trend among technology names and stands to keep outperforming going forward, according to JPMorgan. Analyst Pinjalim Bora upgraded the software-as-a-service stock to overweight from neutral. He also upped his price target to $34 from $31. The new target represents upside of 20% from Friday's close.
Suites accounted for 42% of total revenue at the end of the third quarter, compared with 31% in the prior year, with expectations of it passing the 50% mark. Data security has been a driver of business. Bora said the company could see further long-term growth not tied to corporate headcounts as it steps into technology focused on application program interfaces — which allows software systems to communicate with each other.
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