BXP price target lowered to $69 from $73 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on BXP to $69 from $73 and keeps an Outperform rating on the shares. Following BXP’s Q1 results and its conference call last week, the firm has made a number of changes to its model that reduced its FY24 FFO estimate to $7.01 from $7.12, or 3c below the midpoint of the company’s updated FY24 guidance range of $6.98 to $7.10, the analyst tells investors. While “estimate cuts are never a good thing, it was interesting to hear management’s more upbeat tone about the leasing environment even if it hasn’t fully turned the corner,” the analyst added.