Piper Sandler analyst Alexander Goldfarb upgraded Douglas Emmett to Overweight from Neutral with a price target of $15, up from $13. The company’s implied cap rate of 11.5% and 70% discount to net asset value are "way too wide," the analyst tells investors in a research note. Douglas Emmett’s core small tenants remain active, while its multifamily deliveries are exceeding pro forma, says the firm.
Published first on TheFly
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