Evercore ISI downgraded Alexandria Real Estate to In Line from Outperform with a price target of $126, down from $133. Given the reductions in the firm’s FY24 and FY25 AFFO estimates, the firm doesn’t see a near term catalyst to drive meaningful stock performance until consensus resets for next year, so it is moving to the sidelines.
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Read More on ARE:
- Wedbush downgrades Alexandria Real Estate on market oversupply
- Alexandria Real Estate downgraded to Neutral from Outperform at Wedbush
- Alexandria Real Estate reaffirms FY24 FFO view $9.41-$9.53, consensus $9.49
- Alexandria Real Estate reports Q2 FFO $2.36, consensus $2.34
- Alexandria Real Estate Equities, Inc. Reports: 2Q24 and 1H24 Net Income per Share – Diluted of $0.25 and $1.22, respectively; and 2Q24 and 1H24 FFO per Share – Diluted, as Adjusted, of $2.36 and $4.71, respectively