Citi analyst Nick Joseph downgraded Alexandria Real Estate to Neutral from Buy with a price target of $125, down from $130. While acknowledging that shares of the life science focused REIT have underperformed REITs by about 1,300 basis points over the last three months, the analyst believes a Neutral rating is prudent given continued industry challenges. Though the analyst believes in the life science industry longer-term, Citi expects near-to-medium term supply headwinds to continue to weigh on fundamentals, the firm added.
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Read More on ARE:
- Alexandria Real Estate Equities, Inc. Declares Cash Dividend of $1.30 per Common Share for 3Q24, for an Aggregate of $5.14 per Common Share for the 12 Months Ending September 30, 2024, an Increase of 24 Cents, or 5 Percent, Over the 12 Months Ended September 30, 2023
- Alexandria Real Estate price target raised to $127 from $126 at Evercore ISI
- Alexandria Real Estate price target lowered to $130 from $135 at RBC Capital
- Alexandria Real Estate downgraded to Hold from Buy at Jefferies
- Alexandria Real Estate downgraded to Neutral from Buy at BofA
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