12:30 PM EDT, 08/01/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our target by $2 to $64, 8.8x our 2026 FFO estimate, near office peers as hybrid work trends persist and vacancies rise, mixed with negative rental spreads on renewals and low NOI growth. We lift our 2025 FFO forecast by $0.10 to $6.89 and raise 2026's by $0.14 to $7.26. BXP's new 343 Madison Avenue development is projected to have an unlevered 7.5%-8.0% yield on cost and is 30% pre-leased to a financial institution. This $2 billion project, expected to be delivered in 2029, has upside with a high-single-digit IRR. Management sees mid- to upper-$100 rents per square foot with upper floors grossing $200. We see the need for BXP to reduce leverage with net debt-to-EBITDAre at 8.2x either through asset sales, equity raises, or dividend cuts as the core office market struggles with muted occupancy and leasing rental growth. Overall, we continue to view BXP's focus on class A properties as a strength and believe it is better positioned for the long term than other office peers.