KeyBanc Upgrades Boston Properties Inc. (BXP) to Hold, Sees Near-Term Positive Catalysts
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Price: $112.44 -0.16%
Rating Summary:
12 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
12 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade BXP Now!
KeyBanc upgraded Boston Properties Inc. (NYSE: BXP) from Underweight to Hold.
The firm comments, "Our UNDERWEIGHT rating had largely been a valuation call as we expected the smaller, generally lower multiple REITs to close the gap relative to the higher multiple/quality REITs. This scenario has largely materialized with BXP underperforming the broader REIT sector by 240 bps year-to-date. We suspect that several near-term positive catalysts including the deployment of $1.6 billion of cash, the burn-off of substantial free rent, and the additional lease-up of the portfolio will remain supportive of the stock."
For an analyst ratings summary and ratings history on Boston Properties Inc. click here. For more ratings news on Boston Properties Inc. click here.
Shares of Boston Properties Inc. closed at $113.66 yesterday, with a 52 week range of $81.52-$117.00.
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The firm comments, "Our UNDERWEIGHT rating had largely been a valuation call as we expected the smaller, generally lower multiple REITs to close the gap relative to the higher multiple/quality REITs. This scenario has largely materialized with BXP underperforming the broader REIT sector by 240 bps year-to-date. We suspect that several near-term positive catalysts including the deployment of $1.6 billion of cash, the burn-off of substantial free rent, and the additional lease-up of the portfolio will remain supportive of the stock."
For an analyst ratings summary and ratings history on Boston Properties Inc. click here. For more ratings news on Boston Properties Inc. click here.
Shares of Boston Properties Inc. closed at $113.66 yesterday, with a 52 week range of $81.52-$117.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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