ALEX - Alexander & Baldwin: Above-Expectations Results Support My Favorable View

2024-03-06 00:58:18 ET

Summary

• Alexander & Baldwin's actual operating revenue and core FFO per share for Q4 2023 surpassed the sell side analysts' consensus forecasts by +8% and +6%, respectively.
• ALEX sees its FFO generated from the core Commercial Real Estate operations expanding by a high single digit percentage this year.
• I maintain a Buy rating for Alexander & Baldwin, taking into account its potential for further portfolio restructuring and expense management.

Elevator Pitch

I still have a Buy rating for Alexander & Baldwin, Inc. ( ALEX ) stock.

Previously, I outlined ALEX's key catalysts in my earlier update published on November 3, 2023. I assess Alexander & Baldwin's financial performance and management guidance in the current article....

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