Box stock was on its way up Tuesday following a Goldman Sachs analyst weighing in on the company.
Goldman Sachs analyst Ted Lin is behind the good news for Box (NYSE:BOX) stock on Tuesday. He initiated coverage of the stock for the firm today and starts it off with a “Buy” rating. He believes the company may see a rise in bookings in fiscal 2019 and a similar move for revenue in the following fiscal year.
The coverage of BOX stock started by Lin also includes a price target for the stock. The analyst is giving BOX stock a price target of $31. This is a roughly 44% premium over the stock’s closing price of $21.56 on Monday.
“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 in a statement obtained by MartketWatch.
Box is a company that handles cloud content management. It has several apps across various operating systems that allow for its use. The company was founded back in 2005 and one of its main rivals in the market is Dropbox (NASDAQ:DBX). BOX stock started trading publicly following an IPO in January 2015.
BOX stock was up 8% as of Tuesday afternoon and is up 17% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.