Safehold Inc. (NYSE: SAFE) reported its Q1 results last week, with EPS of $0.43 coming in slightly better than the consensus estimate of $0.42. Revenue was $60.4 million, compared to the consensus estimate of $58.78 million.

Analysts at Berenberg Bank provided their views on the company following the earnings report, mentioning that it was further supportive of their buy thesis.

Among the key highlights of the quarter, the analysts mentioned solid origination volume and pipeline, as well as the articulation of the inflation protection built within the portfolio.

While the analysts lowered their estimates in response to higher interest rates and operating expenses, the company’s shares are trading at a substantial discount to their price target of $98 (reduced from $110). The analysts now expect $0.54/$0.56 for 2022/2023 AFFO, compared to prior estimates of $0.63/$0.74.