Boston Properties price target lowered to $75 from $86 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Boston Properties to $75 from $86 and keeps a Hold rating on the shares as part of a broader research note on Office REITs. Many investors are mispricing office assets with in-place, below-market-rate, non-recourse debt, and are projecting the deep troubles of many class B/C buildings onto far better positioned trophy & class A assets, the analyst tells investors in a research note. The firm is also projecting the REIT’s occupancy to improve to 88.7% at year-end 2023 from 88.6% in Q1 and further improve to 89.7% by the end of 2024.