Safehold price target lowered to $21 from $25 at BofA

BofA analyst Derek Hewett lowered the firm’s price target on Safehold (SAFE) to $21 from $25 and keeps a Buy rating on the shares following the Q1 print. The firm says that despite the current rate backdrop, ground leases represent an attractive opportunity given the long-term nature of the cash flows plus capital appreciation.