B. Riley lowered the firm’s price target on Safehold to $40 from $44 and keeps a Buy rating on the shares following the company’s capital raise. The analyst does not think the long-term operating environment has changed intrinsically for Safehold, but is accounting for the “dramatic shift” in the commercial real estate space, higher interest rates, and expected slower ramp-up in transaction volume through the second half of 2023.
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