JPMorgan downgraded Alexandria Real Estate (ARE) to Neutral from Overweight with a price target of $121, down from $133. The firm reduced estimates to reflect softer core growth assumptions, saying a number of Alexandria’s lease expirations could incur some downtime while backfilling the space. Further, it expects less development contribution, noting there is also the pick-up in ground rent expense. Leasing demand remains mediocre in the life science segment, and excess supply in some key markets will take time to be absorbed, the analyst tells investors in a research note.
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