Janney starts ‘pure-play Hawaiian REIT’ Alexander & Baldwin initiated with a Buy

As previously reported, Janney Montgomery Scott initiated coverage of Alexander & Baldwin with a Buy rating and $20 fair value estimate. The firm believes the company should deliver above-average growth from its ongoing transformation to a “pure-play” commercial REIT and the continued monetization of its existing land bank in the supply constrained Hawaii market, the analyst tells investors in a research note.