Safehold price target lowered to $21 from $23 at JPMorgan

JPMorgan lowered the firm’s price target on Safehold to $21 from $23 and keeps a Neutral rating on the shares ahead of its Q1 results. The analyst believes that investment activity in the near term will be modest compared to the company’s historical pace, with higher capital costs due to lower stock price and higher interest rates as well as less commercial real estate transaction activity seen as the culprits.