Mizuho Securities Downgrades Boston Properties Inc. (BXP) to Neutral

Mizuho Securities downgraded Boston Properties Inc. (NYSE: BXP) from Buy to Neutral with a price target of $128.00 (from $157.00).

Analyst Richard Anderson commented, "BXP is an NAV-creation story that will take time to produce excess cash flow, in our view. While we fully understand the NAV growth potential, we consider ourselves primarily cash flow-centric in our research process. We also worry about BXP’s exposure to technology (Salesforce Tower, WeWork, etc.) This is an outstanding organization with a highly trustworthy management team and strong balance sheet, and that alone may attract interest from investors seeking quality and safety. But there is no immediate rush to own a story that involves a heavy dose of leasing related capital spending and tech exposure, particularly in the office sector which as we described above is our least favorite of the three we cover. We are lowering our price target to $128 from $157."

For an analyst ratings summary and ratings history on Boston Properties Inc. click here. For more ratings news on Boston Properties Inc. click here.

Shares of Boston Properties Inc. closed at $118.65 yesterday.

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