UPDATE: ISI Group Upgrades Boston Properties to Buy on YTD Share Underperformance, Valuation and Catalysts

ISI Group raises its rating on Boston Properties

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.