Jefferies Reports Strong 2Q11 Results On Boston Properties

According to Jefferies, Boston Properties BXP reported strong 2Q11 results largely driven by higher ancillary income. Jefferies said that its 12-month price target of $99 for BXP is derived via the dividend discount model and implies that one year from now, the stock will trade at 19.4x and 18.1x our '12 and '13 FFO/ sh estimates, respectively. “The key risks to BXP are its: a) high exposure to finance and law firms, b) near-term mark-to-market downside, c) below average lease-up potential, and d) premium valuation.” Boston Properties closed on Friday at $100.17.