BofA lowered the firm’s price target on Safehold (SAFE) to $25 from $28 and keeps a Buy rating on the shares. Following the Q4 report, the firm raised its 2025 EPS forecast to $1.65 from $1.63, mainly due to higher fee income, and lowered its 2026 EPS forecast to $1.64 from $1.71 due to higher operating expense. Despite a challenging operating backdrop for commercial real estate, the firm believes ground leases represent an attractive opportunity given the long-term nature of the cash flows plus capital appreciation, the analyst tells investors.
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