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Mizuho upgrades Douglas Emmett; Raymond James reiterates American Homes rating

Upgrades

Mizuho analyst Richard Anderson upgraded his rating on office real estate investment trust Douglas Emmett Inc. to "buy" from "neutral" and his per-share price target to $44 from $39. Anderson cited the company's potential for both near- and longer-term growth, mainly from its West Los Angeles base, as one of the reasons for the revision.

Reiterations

A team of Raymond James & Associates analysts reiterated their "strong buy" rating on single-family residential REIT American Homes 4 Rent, with a per-share price target of $28.00.

The reiteration follows the analysts' meeting with American Homes officials at the Nareit investor conference in New York City, which "stood out noticeably" due to the management's renewed sense of confidence and focus, according to a June 18 note.


In a separate June 18 note, Raymond James & Associates' Collin Mings and Paul Puryear reiterated their "market perform" rating on ground-lease REIT Safety Income & Growth Inc., but made some upward revisions to the REIT's funds from operations per-share and adjusted FFO per-share estimates for 2018 and 2019.

The analysts said the company's recent deal activity was encouraging, but that the pace of external growth in the year so far has not matched previous expectations.

The team said it would like to see additional signs that the company can implement its planned growth and diversification strategy, along with headway toward growing into its dividend, before it could become "more constructive" on the REIT's shares.