- Boxed Inc (NYSE:BOXD) stock price rose more than 9% in intraday trading today. That is why.
Boxed Inc (NYSE:BOXD) stock price rose more than 9% in intraday trading today. Investors responded positively to a bullish research report.
Wells Fargo analyst Brian Fitzgerald hedged Boxed with an “overweight” rating. And Fitzgerald assigned the company a price target of $8.
“(Boxed) is an emerging online retailer of consumables and bulk groceries, and an emerging e-commerce enabler offering a combination of software and services to offline/omnichannel retailers looking to compete more effectively with pure players of e-commerce,” Fitzgerald wrote in a research note. “While we believe that the vast majority of American consumers are reasonably well served by existing options for purchasing bulk groceries and consumables (both online and offline), Boxed’s ‘niche’ in the B2C/B2B market could represent a multi-billion dollar revenue opportunity while its core business serves as a test bed for Boxed’s software/services offered to retail partners.Here we see great opportunity and strong early validation (AEON partnership in Malaysia, Vietnam) for Boxed as an e-commerce enabler and view the stock as an attractive (albeit speculative) play on global offline/omnichannel retailers’ efforts to leverage technology to drive growth and defend our market share.
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