UPDATE: JP Morgan Raises PT to $70 on Alexandria Real Estate Equities Following Q4 Results

JP Morgan maintained Alexandria Real Estate Equities

with a Neutral rating and raised the price target from $68.00 to $70.00. JP Morgan noted, "Following 4Q earnings, we are raising our 2013 FFO estimate $0.06, to $4.50, and our 2014 estimate $0.05, to $4.78. The estimate increase is primarily a function of higher NOI than we were previously modeling – changes to our other key line items (i.e., interest expense and G&A) were very minor. Our 2013 FFO estimate is towards the lower end of management's $4.44-4.64 guidance range and is $0.02 below the Bloomberg consensus, and our 2014 estimate is $0.04 below the Bloomberg consensus. Our new AFFO estimates are $3.62 and $3.93, respectively." Alexandria Real Estate Equities closed at $71.85 on Monday.