UPDATE: Mizuho Securities Initiates Coverage On Alexandria Real Estate Equities On Relative Valuation

In a report published Tuesday, Mizuho Securities analyst Richard Anderson initiated coverage on

with a Neutral rating and $93.00 price target. In the report, Mizuho Securities noted, “We are initiating coverage of ARE with a Neutral rating and a price target of $93. ARE is a niche office player with a unique focus on life science/lab buildings in urban clusters near biotech and pharmaceutical research hubs. Important investment considerations are a healthy underlying industry (e.g., positive 2015 outlook from the MSUSA Biopharma team), high-end tenant roster, and solid development track record that is creating value. ARE is a strong organization led by a trustworthy management team, but after a 45% total return in 2014, relative valuation starts us at Neutral.” Alexandria Real Estate Equities closed on Monday at $90.87.