Aecon Announces TSX Approval of Normal Course Issuer Bid
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JPMorgan Reiterates Overweight Rating on Alexandria Real Estate (ARE)
August 19, 2024 4:06 PM EDTJPMorgan analyst Anthony Paolone reiterated an Overweight rating and $133.00 price target on Alexandria Real Estate (NYSE: ARE).
The analyst comments "We updated our ARE model post 2Q earnings. We are lowering our 2024, 2025, and 2026 FFO/share estimates to $9.47 (down from $9.49), $9.67 (down from $9.75), and $9.82 (down from $9.89), which implies y/y FFO growth of +5.6%, +2.1%, and +1.6%, respectively. In comparison, company guidance for 2024 is $9.41-9.53 (midpoint of $9.47), and Bloomberg consensus for the three years is $9.47, $9.69, and $10.02, respectively. The main drivers behind our revisions are a lower NOI run-rate coming out of 2Q and some drag from... More
