UPDATE: ISI Group Raises PT to $117 on Boston Properties on Raised Guidance
ISI Group maintained Boston Properties (NYSE: BXP) with a Buy and raised the price target from $116.00 to $117.00.
ISI Group commented, "BXP raised its FY13 FFO guidance by ~$0.05 at the midpoint to a new range of $5.06 to $5.18 (Consensus is $5.18 and ISI's revised estimate is $5.18 which is up a penny from our prior forecast). … We continue to expect a revision to Street NAVs as we move through '13 as several large free rent packages burn off and occupancy rates improve as tenants with signed leases move in. We understand the headwinds to CBD office space in 2013 but believe that BXP trades at a large discount to our forward NAV (7%) relative to the Office REITs (-6%) or the REIT sector (-1%) given the quality of the portfolio and strength of the balance sheet."
Boston Properties closed at $108.85 on Tuesday.
Latest Ratings for BXP
|Sep 2014||Capital One Financial||Initiates Coverage on||Equal-weight|
|Aug 2014||Deutsche Bank||Maintains||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.