Healthcare Realty Trust downgraded to Hold from Buy at Stifel

Stifel downgraded Healthcare Realty Trust to Hold from Buy with a price target of $15, down from $19. The analyst believes the key to the Healthcare Trust of America merger is leasing up vacant space. But occupancy has been static, meaning improvements are taking longer than expected, the analyst tells investors in a research note. In addition, the dividend is not likely to be covered next year and Healthcare Realty’s leverage is 6.4 times, says the firm. It believes this limits the company’s ability to grow externally and lessens its ability to deal with “unanticipated shocks.”