Wedbush downgraded Alexandria Real Estate to Neutral from Outperform with a price target of $130, down from $140. The company reported a “noisy but in-line quarter” and reiterated full year normalized funds from operations guidance, the analyst tells investors in a research note. The firm thinks the remainder of Alexandria’s 2024 could “continue to be a bob and weave type of process” through the “fits and starts” of demand and a still meaningfully oversupplied marketplace for life science real estate. As such, it recommends pausing on the stock despite the company’s “bright long-term future.”
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Read More on ARE:
- Alexandria Real Estate reaffirms FY24 FFO view $9.41-$9.53, consensus $9.49
- Alexandria Real Estate reports Q2 FFO $2.36, consensus $2.34
- Alexandria Real Estate Equities, Inc. Reports: 2Q24 and 1H24 Net Income per Share – Diluted of $0.25 and $1.22, respectively; and 2Q24 and 1H24 FFO per Share – Diluted, as Adjusted, of $2.36 and $4.71, respectively
- Alexandria Real Estate options imply 2.9% move in share price post-earnings
- Is ARE a Buy, Before Earnings?
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