Investment bank Piper Sandler has revised its price target for Alexander & Baldwin (ALEX, Financial), reducing it from $24 to $22. Despite this adjustment, the firm maintains an Overweight rating on the company's shares, reflecting continued confidence in its potential.
Piper Sandler highlights the positive start Alexander & Baldwin has had this year, particularly in the areas of industrial leasing, land sales, and new investments. The company met its initial expectations for external growth and land sales early in the year, achieving the projected 1 cent from external growth and 3 cents from land sales.
The guidance adjustment by 3 cents underscores the company's better-than-anticipated performance in land sales during the first quarter, as noted by Piper Sandler. This adaptation in outlook suggests a positive trajectory for Alexander & Baldwin moving forward.
