B. Riley Securities analyst Matt Howlett reiterated a Buy rating on Safehold Inc. (NYSE: SAFE), lowering the price target to $40 from $44.
Following continued challenges in the general CRE sector and expected lower near-term transaction volume, Howlett nudged down EPS estimates from $1.56 to $1.47 in FY23, from $1.70 to $1.60 in FY24, and introduced an FY25 estimate of $1.75.
The analyst notes that the estimate revision also accounts for an expense drag from the STAR merger.
The analyst does not think the long-term operating environment has changed intrinsically for SAFE.
Also Read: Full story available on Benzinga.com