Douglas Emmett price target raised to $10.50 from $9 at BofA

BofA raised the firm’s price target on Douglas Emmett (DEI) to $10.50 from $9 and keeps an Underperform rating on the shares, though the firm says the company reported “solid results with a beat and bump mainly on G&A.” The firm expects Studio Plaza will remain a drag on earnings as the company will need several large tenants to fill this 456,000 SF space and BofA continues to hear that leasing activity among greater than 50,000 SF tenants remains soft on the West Coast and argues that media consolidation also remains a risk.