Wedbush upgraded Douglas Emmett (DEI) to Outperform from Neutral with a price target of $21, up from $19. The company is starting to see “signs of life” in its largest leasing users, the analyst tells investors in a research note. The firm says this is a good sign that created positive office absorption during Q3. Wedbush likes Douglas Emmett’s “unique” small lease business mode, which it says operates more like a multifamily portfolio than a capex-intensive office portfolio. The company’s turn to better earnings growth could happen sooner than expected, the firm contends.
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