Safehold price target lowered to $38 from $41 at RBC Capital

RBC Capital analyst Kenneth Lee lowered the firm’s price target on Safehold to $38 from $41 and keeps an Outperform rating on the shares. The analyst is updating the firm’s model to reflect the company’s recent equity capital raise and Q2 results. RBC adds however that this could be an attractive entry point for shares if long-term rates have peaked and given the secular growth in the nascent ground lease market.