Evercore ISI raised its price target on Douglas Emmett Inc. (NYSE: DEI) to $40.00 (from $39.00) while maintaining a Underperform rating, following the company's first quarter earnings report.

Analyst Steve Sakwa notes the company reported first quarter FFO that topped estimates by a penny and was in-line with consensus projections, supported by another robust leasing quarter, with cash spreads potentially accelerating, as management raised full year FFO guidance.