Argus analyst Marie Ferguson downgraded Boston Properties to Hold from Buy. The REIT is being hurt by rising office vacancies, weak “return-to-office” trends, and high interest expense, and while the management has raised its 2023 FFO guidance, it still projects a 4% decrease in FFO at the midpoint of the range, the analyst tells investors in a research note. Boston Properties shares look fully valued given the company’s current challenges, and Argus believes that investors can obtain stronger total returns elsewhere in its REIT coverage group.
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