10 AI News Investors Shouldn’t Miss

6. Box, Inc. (NYSE:BOX)

Number of Hedge Fund Holders: 31

Box, Inc. (NYSE:BOX) develops intelligent content cloud software. It operates a content-sharing platform that enables users to share, access, and manage content in the cloud, as well as provides mobile access, file storage, and online collaboration solutions. On December 12, Bank of America initiated coverage of Box (BOX) with a “Buy” rating and a $40 price target. The firm believes that the cloud company has an attractive outlook and is well-positioned for AI monetization opportunities. Moreover, The analyst noted that challenges like tighter budgets and staff reductions are easing, yet the valuation “still reflects an overly bearish view” of revenue growth and margin expansion potential.

“We are initiating on Box Inc. at Buy with a $40 PO, implying upside potential of 24%. As the leading enterprise data repository, we think it is well positioned for AI monetization opportunities as the market transitions from simply storing data and documents to extracting value, insights and increased productivity by leveraging AI”.