Alexander & Baldwin price target lowered to $22 from $24 at Piper Sandler

Piper Sandler lowered the firm’s price target on Alexander & Baldwin to $22 from $24 and keeps an Overweight rating on the shares following quarterly results. The firm notes Alexander & Baldwin started strong across industrial leasing, land sales, and new investments. Management entered the year assuming 1c of external growth and 3c of land sales, which has already been achieved. Thus, the 3c increase to guidance reflects the outperformance on land sales in Q1, Piper adds.