UPDATE: Bank of America Downgrades Boston Properties After Recent Sell Off

In a report published Tuesday, Bank of America analyst Jeffrey Spector downgraded the rating on

from Buy to Neutral, but reiterated the $118.00 price target. In the report, Bank of America noted, “We are downgrading BXP to Neutral from Buy and maintaining our $118 PO. Although BXP's shares have only increased +3% YTD, the recent sell off across the REIT sector and BXP's outperformance over the last 90 days has moved the stock to a Neutral rating within our coverage universe based on total return potential. Our PO already reflects a 10% premium to our one-year forward NAV. Additionally, there are limited near term catalysts, in our view.” Boston Properties closed on Monday at $105.55.