Medical Properties downgraded to Underperform from Strong Buy at Raymond James

Raymond James analyst Jonathan Hughes downgraded Medical Properties Trust to Underperform from Strong Buy without a price target. Improving operator fundamentals “have been the lone positive” in recent quarters, but have been more than overshadowed by “growing questions” surrounding management communication, credibility, disclosure transparency, operator health, corporate governance, leverage, and dividend sustainability, the analyst tells investors in a research note. The firm says Medical Properties’ continued investment in top operator Steward this month “was the final action” that drove the downgrade. It believes management will be spending “years” trying to regain investor confidence and repairing its cost of capital.