Boston Properties price target lowered to $57 from $74 at Piper Sandler

Piper Sandler analyst Alexander Goldfarb lowered the firm’s price target on Boston Properties to $57 from $74 and keeps a Neutral rating on the shares. The analyst says fear is driving "depressed valuations" in the office real estate investment trust sector as debt and equity buyers have become adverse to new investment. Sponsorship once again has taken prominence for transactions, while the absence of private equity stepping forward despite what seems like active yields "emphasizes the uncertainty that now exists," the analyst tells investors in a research note.