J.P. Morgan Overweight On Alexandria Real Estate Equities

J.P. Morgan Chase & Co. has an Overweight rating and a $76 price target on Alexandria Real Estate Equities ARE. In a note sent to investors J.P. Morgan writes, "We are raising our 2011 and 2012 estimates $0.05 and $0.10, to $4.60 and $4.79, respectively. The key drivers behind the estimate increase include forecasting $100 million of net acquisitions in 2011 (we previously did not model any acquisitions) as well as now assuming 7-8% GAAP rent spreads on renewal leases, up from a prior estimate of 5%." Shares of ARE lost $1.09 yesterday to close at $69.46.