BXP downgraded to Underperform from Neutral at Wedbush

Wedbush analyst Richard Anderson downgraded BXP (BXP) to Underperform from Neutral with a price target of $70, down from $81. The company has shown to be a “flight to quality,” but is in an asset class that remains subject to questions around the relationship between utilization and occupancy, the analyst tells investors in a research note. The firm says Amazon’s “quasi-about face” on return to the office in many of its markets may take some of the anticipation away from BXP’s office upside in 2025. Wedbush does not see a positive catalyst for the shares.