JMP Securities lowered the firm’s price target on Alexandria Real Estate to $140 from $160 and keeps an Outperform rating on the shares. The firm’s analyst day event highlighted the overall health of the life science/biotech sector, Alexandria’s capital structure flexibility, and initial 2024 guidance, the analyst tells investors in a research note. While development deliveries industry wide are expected to peak in 2024, Alexandria’s 2024 delivery pipeline is 92% pre-leased and development deliveries through 3Q26 should deliver roughly $580M of incremental NOI, the firm says.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ARE:
- Alexandria Real Estate selected for Eli Lilly’s Gateway Labs in San Diego
- Alexandria Real Estate price target raised to $115 from $114 at Evercore ISI
- Alexandria Real Estate lowers FY23 FFO view to $7.29-$7.31 from $7.95-$8.01
- Alexandria Real Estate Equities, Inc. Reports: 3Q23 and YTD 3Q23 Net Income per Share – Diluted of $0.13 and $1.08, respectively; and 3Q23 and YTD 3Q23 FFO per Share – Diluted, As Adjusted, of $2.26 and $6.69, respectively
- Alexandria Real Estate reports Q3 adjusted FFO $2.26, consensus $2.24
