Wells Fargo Downgrades Alexander & Baldwin (ALEX) to Underperform; Way Over Valued

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Wells Fargo downgraded Alexander & Baldwin (NYSE: ALEX) from Market Perform to Underperform with a price target range $24-$27.

Analyst, Brendan Maiorana, said, "ALEX shares have increased more than 30% during the past week following its split from Matson (Nasdaq: MATX), while the S&P 500 was essentially flat. There appears to be significant interest in ALEX as a separate real estate company, but we continue to estimate the intrinsic value of ALEX shares in the mid $20s/share, which is 33% below the current share price."

Maiorana thinks ALEX needs to significantly accelerate development sales and/or land monetization to continue outperforming, which he views as unlikely.

For an analyst ratings summary and ratings history on Alexander & Baldwin click here. For more ratings news on Alexander & Baldwin click here.

Shares of Alexander & Baldwin closed at $33.78 yesterday, with a 52 week range of $23.50-$53.71.

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