UBS cuts price target for Boston Properties to $52 from $69 as it weighs impact of pressure from the lackluster office-space sector.
Boston Properties Inc. on Monday drew a sizeable price-target cut of $17 a share from UBS, partly due to the impact of downward pressure from the office-space market, although analysts said the real-estate investment trust remains resilient.
UBS analysts slashed their price target for Boston Properties BXP to $52 a share from $69 a share and reiterated a neutral rating on the stock. “We believe this is warranted due to the lack of visibility on a recovery of tenant demand for office space, a difficult macro environment with continued layoffs expected, and rising cap rates on office properties,” Goldsmith said. “Further, the financing environment for office properties remains difficult.”
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