We revise our target price for Alexandria to EUR 10.5 (was 10.0) on the back of our raised earnings estimates, and upgrade our recommendation to Accumulate (was Reduce). The company's strategy has progressed in the right direction and we believe that for the first time in its history, the company has credible building blocks for success in asset management. Even with our cautious estimates, the stock looks cheap, and the sector's highest dividend yield provides a backbone for the current valuation.