As noted earlier, RBC Capital analyst Michael Carroll upgraded Alexandria Real Estate to Top Pick with a price target of $44, saying the REIT should "execute on its differentiated strategy to drive attractive growth both organically and externally". The analyst believes that the company has "significantly" improved its leverage over the past few years while focusing on the "highly pre-leased development projects". Carroll adds that the stock trades a 9.7% discount relative to his net asset value estimate, supporting his expected price growth of over 5%.