ISI Group raises its rating on Boston Properties BXP from Hold to Buy and raises its price target from $113 to $115.
ISI Group notes, "We believe YTD underperformance, compelling valuation and several identifiable near-term catalysts offer investors an attractive entry point. Our price target increased by $2 to $115 as we raised our forward NAV by 3% to $124 to account for two issues we explored in detail post NAREIT: 1) greater than expected SL rent burn-off in 2013 vs. 2012 and, 2) giving BXP credit for extraordinarily large rent rollups in the GM building in 2019 & 2020 which most investors (and analysts) have largely forgotten about."
BXP closed at $103.31 on Friday.
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