BXP price target lowered to $60 from $65 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on BXP (BXP) to $60 from $65 and keeps an Equal Weight rating on the shares after updating risk reward. The firm expects BXP occupancy to be slightly below NY focused peers. BXP’s higher end portfolio is well diversified across several gateway markets and has strong contributions from development properties, Morgan Stanley says. This is balanced by BXP’s current valuation which appears fair, it adds.