Deutsche Bank analyst Omotayo Okusanya downgraded Alexandria Real Estate (ARE) to Hold from Buy with a price target of $112, down from $135. While the company’s Q3 results were in-line with consensus, and the fiscal 2024 guidance midpoint remained unchanged, Deutsche has become increasingly cautious about Alexandria’s earnings growth outlook into 2025, the analyst tells investors in a research note. The firm says “already well-telegraphed” move-outs expected in Q4 and Q1 will put pressure on the company’s occupancy until at least the first half of 2025 while $1.2B in expected disposition activity with the asset recycling program is likely to be dilutive to earnings in the near-term.
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Read More on ARE:
- Alexandria Real Estate price target lowered to $130 from $140 at JMP Securities
- Alexandria Real Estate price target lowered to $130 from $137 at Baird
- Alexandria downgraded to Sector Perform from Outperform at RBC Capital
- Alexandria Real Estate price target lowered to $120 from $130 at Wedbush
- Alexandria narrows FY24 adjusted FFO view to $9.45-$9.49 from $9.41-$9.53
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