iStar downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Stephen Laws downgraded iStar (STAR) to Market Perform from Outperform without a price target, citing the transaction with Safehold (SAFE). At closing, iStar shareholders will receive a special dividend of remaining Safehold shares as well as interest in SpinCo, which will consist of the legacy iStar assets, $400M of Safehold stock, and $50M of cash, the analyst tells investors in a research note.