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Goldman Sachs began covering cloud content management company Box on Tuesday with a buy rating and a price target that represents a 44 percent upside.
"We view Box as one of the best-positioned vendors in cloud content management, taking advantage of the shift of enterprise content management to the cloud as well as the unification of enterprise content management with enterprise file sync & share," Goldman analyst Ted Lin wrote in a note to investors.
Box is set to surge because the company is "exiting a four-quarter transition period," Lin said. Box, a competitor to Dropbox, debuted its stock at $21 a share in March but has traded sideways since then. Goldman Sachs has a $31 price target on Box shares.
"Beginning in FY19, Box refocused its sales force on solution selling (vs. selling individual technologies or point products), and we believe that this strategy is clearly beginning to pay dividends," Lin said.
Box rose 3.8 percent in trading from Monday's close of $21.57 a share.