BXP price target lowered to $68 from $72 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on BXP to $68 from $72 and keeps an Outperform rating on the shares. As part of the firm’s Q3 office REITs preview, the analyst “slightly increased” estimates for FY23 and continues to “selectively recommend a few office REITs.” However, even though the firm is hearing about some green shoots in a few markets like Sand Francisco and New York, the firm needs to see better leasing activity in order to believe the Q3 rally is sustainable, the analyst added.