Citi analyst Seth Bergey lowered the firm’s price target on Empire State Realty (ESRT) to $7.50 from $10 and keeps a Neutral rating on the shares. The firm noted its new price target assumes a discount to spot NAV and a 9x 2025 FFO. Citi added that it is ascribing a lower multiple relative to its prior target price, which assumed a 12x multiple to reflect the office sector’s sensitivity to economic uncertainty.
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