NEW YORK (TheStreet) -- Shares of Box Inc. (BOX) - Get Report are higher by 2.85% to $13.33 on heavy volume in midday trading on Tuesday afternoon, following a rating upgrade to "buy" from "neutral" at Bank of America/Merrill Lynch this morning.
The firm raised its rating on the cloud-based, mobile-optimized Enterprise Content Collaboration platform as it believes Box is seeing higher renewals.
Bank of America/Merrill Lynch has set an $18 price target on Box stock.
So far today, 1.06 million shares of Box have exchanged hands, as compared to the stock's 30 day moving average of 751,371 shares.
Box is a Los Altos, CA-based application software company that allows organizations to manage their content. The company's platform enables users to collaborate on content both internally and externally, build workflows and deploy compliance and security features.
Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.