Franklin Street price target lowered to $3.50 from $4 at B. Riley

B. Riley lowered the firm’s price target on Franklin Street to $3.50 from $4 and keeps a Buy rating on the shares post the Q4 results. The analyst cites office real estate investment trust multiple compression, a reduction to the firm’s net asset value estimate, and expectations for a slower pace of asset sales in 2023 for the target drop.