Safehold price target raised to $23 from $17 at JPMorgan

JPMorgan raised the firm’s price target on Safehold to $23 from $17 and keeps a Neutral rating on the shares. The lower rate environment that has unfolded in just the last couple months is “quite helpful” for Safehold given the portfolios’ long duration and high convexity, the analyst tells investors in a research note. The firm says a stable rate environment and re-starting of commercial real estate capital markets “is important to this story.”