UPDATE: Stifel Nicolaus Upgrades Boston Properties to Buy Assets, Balance Sheet Strength

Stifel Nicolaus raised its rating on Boston Properties BXP from Hold to Buy with a newly established $120 price target. Stifel Nicolaus said, "The 'bull case' for Boston Properties is: 1) best office assets and the 'bell cow' of the office REIT space, 2) excessively solid balance sheet, 3) run the core portfolio conservatively, 4) create additional value primarily through development around the edges, 5) deep and talented team, 6) lowest cost of capital in office REIT space, 7) expected 10% plus dividend increase annually for next few years, 8) positive market-to-market, 9) estimated 10.9%/13.8% annual FFO/FAD growth 2012-2014." Boston Properties closed at $107.71 on Wednesday.