STRATEGY: Look at the July 75 covered call. For each 100 shares of Boston Properties (BXP) stock you buy, sell one July 75 covered call option for a 69.95 (75.05 - 2.33) debit or better. That's potentially a 7.2% assigned return. Plus, BXP is expected to pay a dividend during that period, which should boost the return higher. The ex-dividend date on this distribution is expected in late June. IK -> COMMENT: The technicals for BXP are bearish with a possible trend reversal. The stock is under distribution with support at 68.50. S&P rates this stock 4 STARS (out of five) - buy. RISK: The stock has to drop 6.8% to threaten the break even point. This trade rates 3 keys out of 5 - moderate relative risk. S&P RESEARCH NOTES: S&P upgrades opinion on shares of Boston Properties (BXP) to Buy from Hold. We think the recent decline in BXP shares offers an attractive opportunity to add to positions. Our 12-month target price of $80, unchanged, is 19.5X our 2010 FFO estimate of $4.10 and a premium to office REIT peers. We think BXP's high-quality assets in supply-constrained markets such as New York and Washington DC will maintain a high level of occupancy of close to 93%. The trust also faces minimal lease expirations through 2011. We believe the annual dividend of $2.00 a share, yielding 2.7% at the current price, adds to BXP's total return potential.