Piper Sandler upgraded Douglas Emmett (DEI) to Overweight from Neutral with an unchanged price target of $20. The “enormity” of the Los Angeles fires will likely drive commensurate demand for multifamily real estate, and will positively impact West Side office and regional warehouses, the analyst tells investors in a research note. The firm says that while office “doesn’t immediately come to mind,” the rebuilding effort will boost demand from those involved plus replacement for space damaged. Douglas Emmett’s small tenant portfolio and focus on pre-built suites plays well to accommodate these users, contends Piper.
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