Wells Fargo analyst Blaine Heck lowered his price target for Douglas Emmett to $37 from $42 to reflect the recent pull-back and contraction in market multiples across the REIT space. While the analyst is positive on Douglas Emmett's occupancy upside potential, and believes the company has a strong multifamily shadow development pipeline and its continued strong cash flow generation is underappreciated, he believes there are stocks with a similar growth story that trade at a larger discount to NAV. Heck reiterates a Market Perform rating on the shares.