BXP assumed with an Equal Weight at Barclays

Barclays assumed coverage of BXP with an Equal Weight rating and $66 price target. The firm sees relative weakness in West Coast markets and the increase in life science supply hitting the market on both coasts in 2024 as a hindrance to the REIT’s near-term growth. While BXP’s diversification across industry verticals and six gateway markets has mitigated correlation of returns in the past, Barclays remains cautious on the company’s aggregate growth opportunity, the analyst tells investors in a research note.