Safehold price target lowered to $35 from $40 at B. Riley

B. Riley analyst Matt Howlett lowered the firm’s price target on Safehold to $35 from $40 and keeps a Buy rating on the shares. While management was upbeat about long-term prospects, the firm lowered its estimates to reflect prolonged CRE pain halting transactions into 2024, the analyst tells investors in a research note. The firm believes there are a number of catalysts on the horizon, but feels visibility on the Fed would likely bring lower Treasury yields.