Safehold price target lowered to $29 from $32 at RBC Capital

RBC Capital lowered the firm’s price target on Safehold to $29 from $32 but keeps an Outperform rating on the shares after its Q1 earnings beat. The company’s originations recovery is proceeding slower than expected, with no originations reported in the quarter, the analyst tells investors in a research note. RBC continues to believe there could be a slow recovery in origination volumes given the macro and interest rate backdrop.