Analyst John Kim from BMO Capital maintained a Buy rating on BXP and decreased the price target to $84.00 from $86.00.
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John Kim has given his Buy rating due to a combination of factors that highlight BXP’s strategic focus and potential for growth. The company is concentrating on maintaining premier office spaces in coastal markets, which are expected to benefit from a reduction in remote work and a growing disparity in rents and occupancy compared to less desirable office spaces. This strategic focus aligns with BXP’s historical strength in delivering high-quality products.
Additionally, BXP’s management has shown optimism regarding occupancy growth, supported by evidence presented during their Investor Day. Despite a recent dividend cut, which has been a concern, BXP is committed to delivering earnings growth with moderate leverage. The company plans to use a merchant builder strategy for multifamily development, which will serve as a source of funds. These factors, combined with a shareholder base that values consistent growth, underpin John Kim’s positive outlook on BXP’s stock.
In another report released on September 5, Piper Sandler also maintained a Buy rating on the stock with a $80.00 price target.