JPMorgan upgrades ‘undervalued profitable growth story’ Box to buy

JPMorgan analyst Pinjalim Bora upgraded Box to Overweight from Neutral with a price target of $34, up from $31. Box has done a really good job in developing a single platform integrated across the entire lifecycle of content and integrating heavily across the ecosystem, Bora tells investors in a research note. The analyst says the company has positioned itself as the unifying content layer across the collaboration tools and the applications used within the enterprise. He thinks Box, with its double-digit growth and 20% free cash flow margin, "again stands to outperform." With the shares now lagging a broader set of comps, Box "presents an undervalued profitable growth story," says Bora.