SunTrust analyst Michael Lewis raised his price target on Boston Properties to $137, forecasting a "strong development-driven earnings growth" for the REIT over the next few years. The analyst also keeps his Hold rating, warning that its "commercial real estate cycle may be getting long in the tooth", particularly as investors become more concerned about its New York and San Francisco portfolio and equity market volatility. Lewis adds that Boston Properties' price discount to NAV is "narrower" than other large caps and consistent with how the stock traded on a relative basis over the past few years.