BMO Capital lowered the firm’s price target on Douglas Emmett to $12 from $14 and keeps an Underperform rating on the shares. The company has the land to more than double its multifamily portfolio in LA and Hawaii over time, but with the likely departure of its largest tenant, Warner Bros Discovery, in Burbank next year, the firm is reducing its 2024 occupancy assumptions and 2024 estimates, the analyst tells investors in a research note. The stock is inexpensive and risks of default are low, BMO adds, though cutting its FY24 FFO view by 5c to $1.77.
Published first on TheFly
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Read More on DEI:
- Douglas Emmett price target lowered to $12 from $13 at BMO Capital
- Douglas Emmett price target lowered to $16 from $17 at Evercore ISI
- Douglas Emmett price target lowered to $13 from $18 at Piper Sandler
- Douglas Emmett downgraded to Underperform from Market Perform at BMO Capital
- Douglas Emmett sees FY23 FFO $1.87-$1.93, consensus $1.97
