NEW YORK (TheStreet) -- Box (BOX) - Get Report shares are surging 4.71% to $13.55 in pre-market trading on Friday after analysts at Canaccord Genuity upgraded the company to "buy" from "hold."

"Box has executed well and has consistently added incremental layers of functionality that have made their solution more attractive and differentiated from the set of 'generic' competitors," analysts said.

Analysts' bullish outlook is also based on the company's upcoming announcement next week on its new features, according to the firm's note.

Additionally, the company is showing a strong performance following its IPO back in January 2015. 

Based in Los Altos, CA, Box provides a cloud-based enterprise content collaboration platform that enables organizations of various sizes to access, store, share, and manage their content/information.

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