Box downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Box to Equal Weight from Overweight with a price target of $32, down from $35. The firm cites a lack of near-term catalysts, prolonged macro challenges impacting Box’s seat-based model, continued currency headwinds pressuring growth, and “constant competitive overhang” for the downgrade. These make near-term multiple expansion and positive estimate revisions less likely, the analyst tells investors in a research note.