UPDATE: Key Banc Downgrades Boston Properties to Underweight, PT is at $90

Key Banc lowers its rating on Boston Properties

to Underweight from Buy with a downside price target of $90 per share. Key Banc says, "While the Company has served as a safety trade given a fortress balance sheet and high quality office portfolio, the premium valuation appears excessive at current levels. Our downgrade reflects our expectation of multiple convergence between high and low multiple names – as investors become more constructive on the recovery and risk appetites increase, BXP's safe haven status will have relatively less appeal. BXP's earnings growth also fails to justify the current 24% multiple premium to the office group." BXP closed at $99.89 per share on Wednesday.