BTIG lowered the firm’s price target on Alexandria Real Estate (ARE) to $144 from $186 and keeps a Buy rating on the shares. The firm notes that the late 2024 – early 2025 vacancies, especially in Cambridge and Mission Bay, along with tepid demand growth despite a rebound in capital formation across the life science industry, are suggest that the REIT may face more headwinds before a sustained recovery in fundamentals, the analyst tells investors in a research note. The company’s Investor Day is expected to focus on its mega campus strategy, a move that should reinforce value creation over the long-term, but could also drag on near-term earnings due to the timing mismatch between asset sales and redeployment of capital back into core clusters, the firm added.
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Read More on ARE:
- Booking initiated, Workday downgraded: Wall Street’s top analyst calls
- Alexandria Real Estate price target lowered to $119 from $121 at Evercore ISI
- Alexandria Real Estate downgraded to Neutral from Overweight at JPMorgan
- Morgan Stanley, Comerica upgraded: Wall Street’s top analyst calls
- Alexandria Real Estate downgraded to Hold from Buy at Deutsche Bank
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
