Alexandria Real Estate price target lowered to $65 from $98 at RBC Capital

RBC Capital analyst Michael Carroll lowered the firm’s price target on Alexandria Real Estate (ARE) to $65 from $98 and keeps a Sector Perform rating on the shares after its Q3 results. The company delivered a weak report and highlighted a more challenged earnings outlook driven by expected tenant move-outs, dilutive asset sales, and developments/land rolling off capitalization, the analyst tells investors in a research note. The stock is likely trading at an attractive valuation, but it is difficult to have confidence in the numbers given several moving parts, RBC added.