Goldman Sachs Positive On Boston Properties (BXP)

Goldman Sachs is positive on Boston Properties, Inc. BXP, after it acquired Hancock Tower yesterday for $930 million. It has a $95 price target, and a Buy rating on shares. In the research note, Goldman Sachs writes, "We maintain our Buy rating on shares of BXP. The company has delivered amongst the top total returns in the REIT industry over time as a result of its prudent acquisition strategy and balance sheet management. BXP has low leverage and strong liquidity and has recently become more active in the acquisition market, previously adding 510 Madison in NYC ($275 mn) and Bay Colony Center in Waltham ($185 mn). We believe the company is well positioned to benefit, as office rents have stabilized and vacancy rents in downtown markets are tightening from 2009 levels, an early sign for upcoming rent growth (2012/2013)." Shares of BXP lost 7 cents yesterday to close at $83.57.