Alexandria Real Estate price target lowered to $95 from $117 at JPMorgan

JPMorgan lowered the firm’s price target on Alexandria Real Estate (ARE) to $95 from $117 and keeps an Overweight rating on the shares. The firm says that while life science fundamentals remain challenged, the likelihood of Alexandria continuing to capitalize interest against its long-term projects goes down, and investment gains in its venture capital book “could dwindle.” The firm says taking a more cautious approach to both of these items has a material impact on the company’s funds from operations. However, JPMorgan sees intrinsic value in the stock at current levels despite its reduced estimates.