Healthpeak Properties resumed with an Outperform at RBC Capital

RBC Capital resumed coverage of Healthpeak Properties with an Outperform rating and $21 price target. The stock currently trades at a sizable discount to private market valuations reflecting a 28% discount to the firm’s net asset value estimate, though there are four catalysts that could potentially close this gap over the next several quarters which include a broader interest rate pullback, merger synergies being realized, stock buybacks being executed, and new development/redevelopment leasing, the analyst tells investors in a research note.