Piper Sandler analyst Alexander Goldfarb downgraded Douglas Emmett (DEI) to Neutral from Overweight with a price target of $14, down from $19, following the earnings report. The firm says its hope of an office recovery in the Westside of Los Angeles is taking longer than expected. This makes it challenging to keep a bullish stance on the shares compared to the stronger rebounds in San Francisco and East Coast CBD markets, the analyst tells investors in a research note. As such, Piper sees better investments elsewhere.
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