BofA cuts Omega Healthcare to Neutral, sees Agemo resolution lift play out

BofA analyst Joshua Dennerlein downgraded Omega Healthcare to Neutral from Buy with a price target of $33, down from $35. The analyst states that his prior upgrade of the stock reflected expectations that Agemo resolution would result in significant earnings lift, and he sees that thesis now "playing out". Dennerlein adds that new risks have also emerged with Omega Healthcare’s Q3 results as its top tenant La Vie has seen its EBITDAR coverage ratio slip below 1x.