Box price target raised to $38 from $35 at Morgan Stanley

Morgan Stanley analyst Josh Baer raised the firm’s price target on Box (BOX) to $38 from $35 and keeps an Equal Weight rating on the shares. Q1 billings “meaningfully outperformed” expectations, but included 400 basis points in benefit from early renewals, the analyst tells investors in a post-earnings note. Guidance embedding more macro-related conservatism “limits positive estimate revisions,” but improves the setup looking ahead, the analyst added.