BXP upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded BXP (BXP) to Neutral from Underweight with a price target of $78, up from $72. The firm says its stance on office moved to being more constructive late in 2024 as it started to gain line of sight on occupancy levels troughing and leasing activity improving. This is playing out, and BXP “now fits better into how we are thinking about making investments into office,” the analyst tells investors in a research note. JPMorgan believes the company has had success in leasing, though occupancy continues to drop off. Think this should inflect in the coming quarters, with signed leases commencing, further leasing activity continues, and its lease expiration schedule being limited in the next couple of years, contends the firm.