Jefferies upgraded BXP to Buy from Hold with a price target of $80, up from $57. Headlines for broader office commercial real estate will remain negative as the market continues to right-size, the analyst tells investors in a research note. However, the firm expects sentiment for public real estate investment trusts to improve, driven by better leasing, slowing occupancy declines, and a continued flight-to-quality. As such, Jefferies moved to a Neutral sector outlook.
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