Deutsche Bank Upgrades Boston Properties (BXP) to Buy; Raises PT & Estimates
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Deutsche Bank upgrades Boston Properties (NYSE: BXP) to Buy. Price target increased to $69 from $46.
Deutsche analyst says, "Re-capitalization has ensured that most REITs will live to fight another day. However, with an industry-avg debt/EBITDA multiple of 8.0x and secured debt still tough to come by, we see few co's as currently possessing the cost of capital advantage and the B/S wherewithal to truly go on offense and take advantage of the acquisition opportunities we see arising over the next 12-18 mos. Having recently completed a $700m bond deal south of 6% and with $1.5b of cash on the B/S and debt/EBITDA of just 6.1x, we think BXP is one of those few co's."
"We have updated our model to reflect 3Q results, our revised outlook, and management guidance. We are maintaining our ‘09 FFO estimate of $4.60, but lowering our ‘10 estimate to $3.92 to reflect BXP’s $700 million unsecured bond offering. We are also rolling out our 2011 estimate of $4.32."
To see more analyst ratings on BXP Click Here.
Boston Properties, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the ownership and development of office properties.
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