BofA analyst Joshua Dennerlein upgraded Healthpeak Properties to Buy from Underperform with a price target of $25, up from $18. The firm thinks the market is mis-prising Healthpeak’s go-forward growth prospects and thinks earnings will trough in 2024, the analyst tells investors in a research note. Additionally, BofA believes there is significant NOI upside from leasing up developments and redevelopments, with additional upside that can be driven by asset sales and stock buybacks.
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