RBC Capital lowered the firm’s price target on Safehold (SAFE) to $20 from $21 and keeps an Outperform rating on the shares. The firm is revising its estimates to factor in its updated discount rate assumptions, the analyst tells investors in a research note. RBC adds that it still sees the company participating, longer term, in the growth of the nascent ground lease market, warning however that originations could be muted given the commercial real estate market backdrop.
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