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Fly News Breaks for February 26, 2018
ESRT
Feb 26, 2018 | 06:27 EDT
Stifel analyst John Guinee downgraded Empire State Realty Trust to Hold from Buy and lowered his price target for the shares to $18 from $20. The analyst expects 2018 to be a "difficult year for value creation metrics" and notes his FFO estimates continue to decline. Guinee adds that the Manhattan investment market is highly competitive and that he's not convinced the company will deploy the cash balance into new investments any time soon.
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