BTIG analyst Michael Gorman upgraded Healthcare Realty Trust to Buy from Neutral with a $17 price target, which implies a total return of 24% from current levels. Healthcare Realty shares have substantially underperformed the health care peer group and the real estate investment trust sector since announcing a deal to acquire Healthcare Trust of America in early 2022, the analyst tells investors in a research note. As a result, the stock now trades at a 15% discount to the health care sector compared to the 10-year relative multiple premium of 20%, says the firm. BTIG believes the shares offer a “compelling opportunity.” Healthcare Realty management has built a sizable leasing pipeline that should generate above-average growth in 2024, it contends.
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