Alexander & Baldwin initiated with a Market Perform at JMP Securities

JMP Securities initiated coverage of Alexander & Baldwin with a Market Perform rating and no price target. The company’s recent leadership transition creates an opportunity to evolve the strategy and grow, but the backdrop and market-level restrictions on commercial real estate present limitations, the analyst tells investors in a research note. The firm sees limited earnings growth prospects for Alexander & Baldwin and says its near-term debt maturities are penalizing.