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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