Citizens JMP Reiterates Market Outperform Rating on Safehold (SAFE)

Citizens JMP analyst Mitch Germain reiterated a Market Outperform rating and $32.00 price target on Safehold (NYSE: SAFE).

The analyst commented, “We continue to maintain our positive investment opinion on shares of Safehold following our conversations with the management at NAREIT's REITWeek conference, spanning numerous topics including the breadth of investment alternatives evidenced in recent deals; we maintain our Market Outperform rating and $32 price target (based on an NAV discount). Being the sole ground lease-focused REIT in the public markets, SAFE stands to benefit from an improving macro and less financing market volatility. Its unrivaled position and a large rolodex of relationships developed over years of educating market participants continues to offer consistent organic deal flow, highlighted by an ~$7B diversified ground lease portfolio amassed since its mid-2017 IPO. To add, management has continued to execute in an uncertain, challenging backdrop, owing to its diversified investment strategy, including recapitalization and developments, complementing more traditional acquisitions, which we view will to be crucial in the company's growth strategy looking ahead. When considering the superior durability of ground lease cash flows, ample liquidity for external growth, and unrealized capital appreciation (UCA) pool of ~$9B, we continue to recommend shares.”

For an analyst ratings summary and ratings history on Safehold click here. For more ratings news on Safehold click here.

Shares of Safehold closed at $15.36 yesterday.

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