Jefferies Initiates Boston Properties At Hold

Boston Properties, Inc. BXP is believed by Jefferies to be one of the heavyweights in the office REIT sector that focuses on high-quality assets in Manhattan, Washington DC, Boston, and San Francisco. Jefferies initiates with a Hold rating and $82 price target, stating on value that "[We] are positive on BXP's high-quality properties in supply-constrained markets and balance sheet that is well positioned to drive future growth. However, BXP's valuation holds us back from being more constructive on the name." Boston Properties closed yesterday at $88.88.