CTO Realty Growth price target lowered to $21 from $24 at BTIG

BTIG analyst Michael Gorman lowered the firm’s price target on CTO Realty Growth to $21 from $24 but keeps a Buy rating on the shares. The analyst notes that the REIT’s current 17% FFO multiple discount to Strip Center REITs, 25% discount to Diversified REITs and 23% discount to Equity REITs, presents a buy-in opportunity for this "unique name with a variety of levers available for supporting growth", though he updates his model to reflect the company’s recent follow-on equity offering. CTO Realty shares are down 5.4% since the offering, and Gorman believes this is a good entry point for investors looking for access to strong cash flows and a solid balance sheet however.