In a report released today, John Kim from BMO Capital maintained a Buy rating on Boston Properties, with a price target of $86.00.
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John Kim has given his Buy rating due to a combination of factors that highlight Boston Properties’ potential for positive performance. The company recently reported second-quarter funds from operations per share (FFOps) of $1.71, which surpassed both the consensus estimate and the guidance midpoint. Additionally, Boston Properties has increased its 2025 FFOps guidance, indicating a strong outlook for future earnings.
Moreover, the company has made significant progress in its development projects, with a letter of intent signed for an anchor tenant at the 343 Madison Avenue project, covering 30% of the development. The development pipeline is also showing strong leasing activity, with 67% of the space already leased. Despite some challenges such as a slight decrease in occupancy and negative cash leasing spreads, John Kim believes that the positive developments and strategic moves by Boston Properties will lead to favorable stock performance.