BXP price target raised to $90 from $80 at Piper Sandler

Piper Sandler raised the firm’s price target on BXP (BXP) to $90 from $80 and keeps an Overweight rating on the shares. The firm says that while it was not happy to see BXP announce a 30% dividend reduction, it is pleased to hear management talk a thorough portfolio reassessment given today’s higher capital cost. BXP’s tri-annual investor day covered all the regional and capital allocation bases, plus the political scene in NYC, DC, and San Francisco. BXP seems to understand it has an earnings growth issue and thus is taking steps to improve the efficiency of its business model, Piper adds.