UPDATE: Cantor Fitzgerald Initiates Buy, $12 PT on Brandywine Realty Trust

Cantor Fitzgerald initiates a Buy with a target price of $12 on Brandywine Realty Trust

as the company's portfolio growth supports higher valuation. Cantor Fitzgerald says, "As of year-end 2011, Boston Properties' portfolio was 91.3% occupied, which we believe is a testament to the high quality and strong market exposure. The company has exposure to the largest CBD office markets in the U.S., with Class A office assets that typically outperform the markets due to their trophy status. We expect that rental rates and occupancy levels within these assets will continue to grow and that the overall market fundamentals will support additional development and acquisition opportunities." BXP closed at $103.86 a share yesterday.