Easterly Government Properties price target lowered to $14 from $16 at Truist

Truist analyst Michael Lewis lowered the firm’s price target on Easterly Government Properties to $14 from $16 and keeps a Hold rating on the shares. The analyst cites “stubbornly high interest rates”, and the firm is now forecasting a small normalized FFO per share decline next year, which would mark three consecutive annual decreases. Easterly Government Properties’ dividend payout should also remain below the company’s FAD, or Funds Available For Distribution, for at least the next several quarters, the firm tells investors in a research note.