Evercore ISI lowered the firm’s price target on Alexandria Real Estate (ARE) to $64 from $72 and keeps an Outperform rating on the shares. Incorporating the quantitative and qualitative content of yesterday’s investor day, the firm is trimming its 2026 estimates and slashing its 2027 estimate by about 14% as the recovery in lab demand will likely take longer and there could be more dilution from unwinding the excessive land bank.
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