KeyBanc Downgrades Boston Properties Inc. (BXP) to Underweight; Premium Valuation Appears Excessive

KeyBanc downgraded Boston Properties Inc. (NYSE: BXP) to Underweight with a price target of $90.00.

KeyBanc analyst says, "While the Company has served as a safety trade given a fortress balance sheet and high quality office portfolio, the premium valuation appears excessive at current levels. Our downgrade reflects our expectation of multiple convergence between high and low multiple names – as investors become more constructive on the recovery and risk appetites increase, BXP’s safe haven status will have relatively less appeal. BXP’s earnings growth also fails to justify the current 24% multiple premium to the office group."

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 $99.89 yesterday.

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