Janney Montgomery Scott analyst Robert Stevenson downgraded Alexander & Baldwin to Neutral from Buy with a $21 price target fair value estimate after the company entered into an agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest will acquire Alexander for $21.20 per share in an all-cash transaction with an enterprise value of $2.3B.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALEX:
- Alexander & Baldwin downgraded to Neutral from Buy at Alliance Global
- Midday Fly By: Nvidia can ship H200s to China, Campbell’s reports Q1 beat
- Alexander & Baldwin Announces Merger Agreement with Tropic
- Alexander & Baldwin downgraded to Neutral from Overweight at Piper Sandler
- Alexander & Baldwin’s Privatization: Strategic Move Amid Market Challenges Justifies Hold Rating