LTC Properties downgraded to Underperform from Market Perform at BMO Capital

BMO Capital analyst Juan Sanabria downgraded LTC Properties to Underperform from Market Perform with an unchanged price target of $38. The analyst sees the shares as overvalued given remaining tenant uncertainty with a post-COVID recovery taking longer than expected. He sees a risk Brookdale doesn’t renew its lease, necessitating a transition of a top tenant and potential rent degradation for LTC.