Box

BOX · NYSE

$41.75+$1.29 (+3.19%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $40.46

BOX analyst rating

HoldConsensus of 6 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy2
Hold3
Underperform1
Sell0

12-month price target · 9 analysts

Average $38.32 (−8.2% downside)

Low: $26.26
Now: $41.75
High: $52.50

Upgrades and downgrades

The latest rating actions, newest first

BOX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Aug 26, 2026	Maintains	Equal-Weight	$33.00 → $36.00	48%
Citigroup	Aug 26, 2026	Maintains	Buy	$37.00 → $40.00	52%
DA Davidson	Aug 26, 2026	Maintains	Buy	$45.00 → $50.00	43%
RBC Capital	Aug 26, 2026	Maintains	Underperform	$26.00	51%
UBS	Aug 26, 2026	Maintains	Neutral	$29.00 → $37.00	33%
DA Davidson	Jun 1, 2026	Maintains	Buy	$45.00	43%
UBS	May 27, 2026	Maintains	Neutral	$28.00 → $29.00	33%
Citigroup	May 27, 2026	Maintains	Buy	$36.00 → $37.00	52%
DA Davidson	May 27, 2026	Maintains	Buy	$45.00	43%
William Blair	Mar 23, 2026	Downgrade	Outperform → Market Perform	—	49%

The case for and against

Updated Oct 14, 2026

Bull case

Box is supported by a durable, subscription-based business model with ~100% recurring revenue, 97% gross retention in FY26, and a customer base that includes over 115,000 customers worldwide and 69% of the F500. Its outlook is strengthened by a wide moat in secure enterprise content management, with best-in-class compliance features, 1,500+ integrations, and deep workflow embedding that makes it difficult to displace while supporting cross-sell into Enterprise Advanced and AI units. The company also offers attractive financial quality, including an 81% non-GAAP gross margin, 28% non-GAAP operating margin, ~30% FCF margins over the past three years, about $1B of FCF generated over that period, and continued share repurchases that reduce dilution.

Bear case

Box is viewed negatively because its Japan-led turnaround appears difficult to replicate elsewhere, while Japan itself is already more than 20% of the business and seems highly penetrated, price-sensitive, and used mostly for core storage and file sharing rather than higher-value suites. The competitive backdrop is also worsening as Microsoft becomes more aggressive with OneDrive and Japanese customers reassess Office 365, Teams, and Power Apps, which could pressure Box’s upmarket ambitions and its ability to defend share. Given these headwinds, muted margin expansion, and continued macro pressure, there is limited confidence that Box can sustain its 10–15% revenue growth and 34–37% operating margin targets, especially with added risk from security, competition, and international exposure.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.