Easterly Government Properties price target raised to $16 from $15 at Truist

Truist analyst Michael Lewis raised the firm’s price target on Easterly Government Properties to $16 from $15 and keeps a Hold rating on the shares. The recent hedging activity limits the impact of higher-for-longer interest rates, and while the firm is still modeling some rate relief in 2024, a higher cost of capital may narrow the company’s investment yield spread over its cost of capital and could make other income-producing vehicles more attractive relative to the Easterly Government Properties stock, the analyst tells investors in a research note.