Piper upgrades BXP to Overweight with shares ‘looking too cheap’

Piper Sandler analyst Alexander Goldfarb last night upgraded BXP (BXP) to Overweight from Neutral with a price target of $105, up from $78. The firm thinks the rally in East Coast office peers has left BXP “looking too cheap.” Piper continues to see 2025 as a transitional year for BXP, but says leasing momentum “is clearly shifting.” BXP is now seeing leasing strength in D.C., not experienced since Sequestration over a decade ago, as new supply stops and tenants seek premium, well located buildings with strong financial sponsors, Piper contends.