UPDATE: Stifel Downgrades Boston Properties Inc. (BXP) to Hold
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(Updated - October 27, 2016 11:36 AM EDT)
Stifel downgraded Boston Properties Inc. (NYSE: BXP) from Buy to Hold with a price target of $120 (from $140). John W. Guinee expressed concerns about several markets.
"As we become increasingly concerned about 1) the Manhattan office market, particularly the higher end, 2) the stagnant Washington, D.C. area market, 3) office REITs we cover that appear fairly valued on real estate valuation metrics, but fully valued on stock valuation metrics, and 4) REIT valuations overall in the current stock market environment, we are downgrading Boston Properties to Hold from Buy," said Guinee.
The analyst continued, "Additionally, we believe that Net Asset Value oriented valuation metrics have much more relevance in a rising market."
Shares of Boston Properties Inc. closed at $122.89 yesterday.
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