BXP price target raised to $70 from $60 at Compass Point

Compass Point raised the firm’s price target on BXP to $70 from $60 and keeps a Neutral rating on the shares. Most REIT dedicated investors are avoiding the office sector, which means the company currently lacks the traditional longer-term investor support that historically helped it maintain a premium valuation to sector peers, the analyst tells investors. However, the firm raised its price target to reflect the fact office REITs have partially re-rated due to the prospect of interest rate cuts later in 2024.