Credit Suisse downgraded Douglas Emmett Inc. (NYSE: DEI) from Neutral to Underperform with a price target of $29, saying operating metrics continue to disappoint.

Analyst I. Weissman commented, "We are maintaining our $29 TP, but are changing our rating to Underperform given the 6.0% forecasted total return, which is in the bottom 10% of our coverage universe. Our $28.34 NAV (plus 5% management premium) is driven by our IRR model that assumes a 6.25% un-leveraged IRR hurdle, avg. NOI growth of 2.8%, and CapEx as a % of NOI of 17%, all of which produces a 5.30% warranted going-in cap rate."

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Shares of Douglas Emmett Inc. closed at $28.12 yesterday.