Market News

BT’s Global Unit Appoints Box as Cloud Content Manager

Box, Inc. (BOX) has expanded its partnership with BT, which provides global communications services and solutions. Box provides a platform that enables organizations to securely manage enterprise content while allowing easy, secure access and sharing of the content from anywhere and on any device.

With this deal, BT will be able to easily organize, manage and distribute digital assets, including marketing, solution design and insights through the use of content hubs in Box.

Also, Box will help provide a fully integrated content experience with Salesforce till the end of the customer lifecycle.

Since 2019, BT has implemented Box as its secure platform to power intelligent, workflow-driven content management at its Global unit, which serves multinational organizations. (See Box stock chart on TipRanks)

The Managing Director, Commercial, Global BT, Chet Patel, said, “We’re focused on further digitizing and automating our processes to deliver standout customer experiences.”

The President of EMEA at Box, Sebastien Marotte, said, “We’re thrilled Box can be part of BT’s transformation journey, powering its complete content lifecycle in a single platform.”

Last month, Oppenheimer analyst Ittai Kidron reiterated a Buy rating on the stock with a price target of $27. The price target implies 2.5% upside potential from current levels.

The analyst is positive on Box’s progress in both product and sales execution and believes comfortable incremental leverage can be gained (and progress made towards FY24 targets of 12–16% revenue growth/mid-20% OM) as Box adds quota carrying sales people, more focus is put on Suites traction across all customers, and as new features strengthen the product portfolio (especially Shield and Sign).

Based on 4 Buys and 2 Holds, consensus among analysts is a Moderate Buy. The average Box price target of $26 implies 1.3% downside potential from current levels.

BOX scores an 8 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.

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