Boston, Massachusetts-based BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces. Valued at $11.1 billion by market cap, the company operates as a real estate investment trust (REIT), including properties owned by joint ventures totaling 53.5 million square feet and 186 properties.
Shares of this REIT have underperformed the broader market over the past year. BXP has gained 5.4% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 23%. In 2025, BXP stock is down 6.4%, compared to SPX’s 4% rise on a YTD basis.
Narrowing the focus, BXP has also lagged behind the iShares Cohen & Steers REIT ETF (ICF). The exchange-traded fund has gained about 10.7% over the past year. Moreover, the ETF’s 3.4% gains on a YTD basis outshine the stock’s losses over the same time frame.
On Jan. 28, BXP reported its Q4 results, and its shares closed down more than 5% in the following trading session. Its FFO of $1.79 matched Wall Street expectations. The company’s revenue was $858.6 million, up 3.6% year over year. BXP expects full-year FFO to be $6.77 to $6.95.
For fiscal 2025, ending in December, analysts expect BXP’s FFO to decline 2.7% to $6.91 on a diluted basis. The company’s earnings surprise history is impressive. It beat or matched the consensus estimate in each of the last four quarters.
Among the 20 analysts covering BXP stock, the consensus is a “Moderate Buy.” That’s based on seven “Strong Buy” ratings, 11 “Holds,” and two “Strong Sells.”
This configuration is less bullish than a month ago, with eight analysts suggesting a “Strong Buy,” and one recommending a “Strong Sell.”
On Feb. 12, Morgan Stanley (MS) analyst Ronald Kamdem maintained a “Hold” rating on BXP with a price target of $62.
The mean price target of $80.94 represents a 16.3% premium to BXP’s current price levels. The Street-high price target of $100 suggests an ambitious upside potential of 43.7%.
