Cantor Fitzgerald has reiterated its Overweight recommendation on Boston Properties Inc., maintaining a $79.00 price target after the REIT released fourth-quarter 2025 results. That target equates to about a 23% premium to the reference stock price of $64.28.
The firm’s analysis identified a narrow guidance shortfall of $0.05, which it attributes to elevated general and administrative expenses. Those costs included legal expenses and additions to non-cash reserves. Even with that variance, Boston Properties reported diluted earnings per share of $1.74 on a trailing twelve-month basis, indicating the company remains profitable.
Operationally, Cantor Fitzgerald noted what it described as "continued operational life" at the REIT, with leasing activity accelerating versus prior quarters. Vacancy leasing gained traction and office occupancy improved by 70 basis points compared with the third quarter of 2025. Over the last twelve months, Boston Properties generated $3.36 billion in revenue.
The company reiterated its occupancy trajectory established at its September 2025 investor day, remaining on track to reach 91% office occupancy by the end of 2027. That target is framed against an 86.7% occupancy level at the end of the fourth quarter of 2025.
On the balance-sheet front, Cantor Fitzgerald pointed to a current ratio of 1.48, which the firm interprets as evidence that liquid assets exceed the company’s short-term obligations. The analyst house expects office flight-to-quality dynamics to continue benefiting Boston Properties’ premier portfolio as remote-work-related headwinds ease. Cantor Fitzgerald also anticipates sequential improvement through 2026, which it says should make a visible acceleration in funds from operations - or FFO - growth in 2027 increasingly apparent.
Dividend income is a further consideration for some investors. Boston Properties carried a dividend yield of 4.36% at the time of the assessment and has a 29-year record of paying dividends, factors Cantor Fitzgerald cited as attractive for income-oriented holders.
Additional context provided in the company’s reported quarter shows a strong beat on consensus estimates for the fourth quarter of 2025. Boston Properties posted earnings per share of $1.56 for the quarter versus an expected $0.49, a 218.37% surprise. Quarterly revenue came in at $877.1 million, above the $861 million analysts had forecast.
Despite those upside surprises on the top and bottom lines, the company’s shares fell in premarket trading following the report. Market participants and analysts continue to digest the results alongside the firm-level commentary and the noted increase in certain operating expenses.
InvestingPro data referenced by market observers shows Boston Properties is trading below its Fair Value assessment, a valuation signal that aligns with Cantor Fitzgerald’s maintained upside to the $79 price target. InvestingPro also offers additional research and a set of ProTips on Boston Properties and a broader roster of U.S. equities.
For investors weighing the outlook, Cantor Fitzgerald’s stance balances a narrow EPS guidance miss and near-term expense pressures against improving leasing metrics, a defined path to higher occupancy and a liquidity buffer. The firm’s thesis centers on flight-to-quality demand in the office sector and an anticipated sequential recovery through 2026 that it believes will help accelerate FFO growth into 2027.