BXP, Inc.: UBS raises target price to $70 from $61

UBS has raised its price target for Boston Properties Inc. (NYSE:BXP) to $74 from $68, while maintaining a Neutral rating. The office real estate investment trust (REIT) is currently trading at $73.60, with a market capitalization of $13 billion and a 13% return over six months. The adjustment follows Boston Properties’ investor day, where the company outlined its strategy to improve occupancy and strengthen its balance sheet through operational execution and strategic initiatives.

UBS highlighted that Boston Properties remains focused on gateway markets, central business districts, and top 10%-15% of markets. The firm noted that the REIT’s largest opportunity lies in leasing its existing portfolio of 48.2 million square feet, which is currently at 86.4% occupancy as of Q2 2025—660 basis points below 2019 levels. Boston Properties has set a target to reach 89% occupancy by 2026 and 91% by 2027.

In related developments, Boston Properties reported Q2 2025 earnings of $0.56 per share, exceeding expectations of $0.41. However, the company announced a 29% reduction in quarterly dividend, now set at $0.70 per share. Piper Sandler raised its price target to $90, maintaining an Overweight rating, while Evercore ISI downgraded to In Line and raised its target to $76. These diverging views reflect a mixed outlook for the REIT amid strategic adjustments and evolving market conditions.