Safehold price target lowered to $19 from $20 at Wedbush

Wedbush lowered the firm’s price target on Safehold (SAFE) to $19 from $20 and keeps a Neutral rating on the shares. The firm notes the still choppy macro environment continues to be a headwind for Safehold to reignite a growing pipeline of new ground lease originations. Overall, Wedbush thinks Safehold has put itself in a position to begin executing when markets behave again, particularly from a balance sheet perspective that now boasts three IG ratings and two that start with A, with nearly 20 years of average duration — i.e., customized to better align with the long duration of its assets.