Citi downgraded Healthpeak (PEAK) to Neutral from Buy with a $23 price target. The analyst continues to have a favorable view on life science, but prefers to get life science exposure through Alexandria Real Estate (ARE) given its greater scale, tenant, and geographic diversity. Citi sees some risks for Healthpeak’s life science portfolio that "could be potential issues," including its small-cap and private biotech exposure and concentration in San Francisco. Additionally, internal growth upside for Healthpeak’s life science portfolio is more limited, given higher occupancies and lower near-term lease roll, contends Citi.
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