BXP price target raised to $83 from $77 at Truist

Truist raised the firm’s price target on BXP (BXP) to $83 from $77 and keeps a Hold rating on the shares. The firm is not changing its near-term normalized FFOF estimates, but is assuming BXP can get closer to pre-COVID occupancy levels in later periods of the firm’s five-year model. The resulting higher discounted cash flow calculation is contributing to the higher price target for the stock, the analyst tells investors in a research note. While the firm is not projecting material FFO growth in 2025 and the company’s West Coast markets may be more challenging than others, if conditions improve, the stock could emerge as a value play, the analyst adds.