Alexandria Real Estate (ARE) PT Lowered to $72 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the price target on Alexandria Real Estate (NYSE: ARE) to $72.00 (from $74.00) while maintaining a Outperform rating.

The analyst comments "With this note, we are slightly lowering our ’26 FFO estimate from $6.55 to $6.52 while our ’27 estimate slides from $7.36 to $7.05 driven by lower starting cash rents and higher operating expenses. Finally, given our estimate reductions, our PT drops from $74 to $72 but we retain our Outperform rating given the low expectations heading into the investor day and the inexpensive valuation as the stock is trading at just 9.5x our new ’27 AFFO estimate vs the REIT average of 19.6x."

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