BofA raised the firm’s price target on Douglas Emmett (DEI) to $10.50 from $9 and keeps an Underperform rating on the shares, though the firm says the company reported “solid results with a beat and bump mainly on G&A.” The firm expects Studio Plaza will remain a drag on earnings as the company will need several large tenants to fill this 456,000 SF space and BofA continues to hear that leasing activity among greater than 50,000 SF tenants remains soft on the West Coast and argues that media consolidation also remains a risk.
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Read More on DEI:
- Douglas Emmett price target raised to $20 from $16 at Piper Sandler
- Douglas Emmett Reports Mixed Q3 Results Amid Leasing Growth
- Douglas Emmett reports Q3 FFO 43c, consensus 41c
- Douglas Emmett sees FY24 FFO $1.69-$1.73, consensus $1.68
- Douglas Emmett (DEI) Q3 Earnings Cheat Sheet
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