Healthpeak downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Michael Carroll downgraded Healthpeak to Sector Perform from Outperform with a price target of $28, down from $35. While Carroll remains encouraged by Healthpeak’s position in the market given its solid operating platform and its ability to pursue life science deals in top cluster markets and MOBs on- and off-campus, the analyst believes the near-term earnings trend will be more muted given a lower mark to market on its 2022-2024 life science lease expirations combined with temporary disruption at Oyster Point in South San Francisco, he tells investors in a research note.