Navigating Safehold's Near-Term Obstacles: Analyst On How 4Q23 Could Mark A Turnaround In Origination Volumes
Portfolio Pulse from Nabaparna Bhattacharya
B. Riley Securities analyst Matt Howlett reiterated a Buy rating on Safehold Inc. (NYSE:SAFE), but lowered the price target to $40 from $44 due to challenges in the general CRE sector and expected lower near-term transaction volume. Howlett also revised down EPS estimates for FY23 and FY24, and introduced an FY25 estimate of $1.75. Despite these challenges, the analyst views 4Q23 as a potential inflection point for originations and expects SAFE's annual origination volume to exceed $1 billion in 2024.
September 06, 2023 | 6:15 pm
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Safehold Inc. (NYSE:SAFE) has had its price target lowered to $40 from $44 by B. Riley Securities due to challenges in the CRE sector. However, the analyst sees 4Q23 as a potential turnaround point.
The lowering of the price target and EPS estimates for Safehold Inc. by B. Riley Securities due to challenges in the CRE sector and expected lower near-term transaction volume could negatively impact the stock price in the short term. However, the analyst's view of 4Q23 as a potential inflection point for originations and the expectation that SAFE's annual origination volume will exceed $1 billion in 2024 could provide some positive momentum.
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IMPORTANCE 80
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