Box initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Box (BOX) with a Buy rating and $45 price target The company is in the early stages of a positive inflection to growth after recent expansions to its platform, and the firm expects to see an upgrade cycle from current customers to more premium tiers of the Box platform, which should lead to both higher growth and margins, the analyst tells investors in a research note. The significant product enhancements the company has made and subsequent upgrade cycle to come are not yet fully appreciated by investors, the firm added.