Oppenheimer analysts provided their views on Box, Inc. (NYSE:BOX), highlighting it as a top pick for 2023. The analysts’ positive stance reflects their belief that the company (1) will continue to deliver strong operating performance with operating margins over 22%, (2) benefits from a mature business model and sticky customer base that provides relative resiliency despite growing IT spending constraints, (3) will continue to successfully execute its Suites selling motion, driving tier upgrades and multi-product adoption, and (4) can drive expansion as it leverages steady product innovation in security and governance (Shield, Governance), E-signature (Sign), and collaboration/ workflow automation (Relay, Notes, Canvas).

According to the analysts, the company offers an attractive combination of solid long-term growth prospects with stable/improving year-over-year operating metrics. The analysts maintained their Outperform rating and $35 price target on the company’s shares.