Safehold price target lowered to $33 from $38 at RBC Capital

RBC Capital analyst Kenneth Lee lowered the firm’s price target on Safehold to $33 from $38 but keeps an Outperform rating on the shares after its Q3 earnings miss. Slowdown in Q3 activity would be consistent with the firm’s near-term expectations given the sharply rising interest rates, though the firm also continues to believe there could be long-term upside to shares from secular growth in the nascent ground lease market, the analyst tells investors in a research note.