Barclays analyst Ross Smotrich double downgraded Safehold to Underweight from Overweight while raising his price target for the shares to $25 from $23. Strong execution, helped by declining rates, have pushed the stock up 77% year-to-date, Smotrich tells investors in a research note. The analyst says his view on Safehold, including its fundamentals, growth prospects and management, “remains very constructive.” The downgrade, he says, is based “entirely on valuation.”