Safehold price target lowered to $40 from $44 at B. Riley

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.