Physicians Realty Trust upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc analyst Todd Thomas upgraded Physicians Realty Trust to Overweight from Sector Weight with a $17 price target. The analyst recommends adding real estate investment trust exposure to areas that offer secular growth, relatively stable demand drivers, and/or improving cyclical growth. He upgraded two names and downgraded five. Thomas sees industrial, retail and healthcare REITs as meeting the criteria. He suggests maintaining or reducing exposure to 2022 outperformers that he believes have less upside from current levels, may face valuation headwinds, and economically sensitive sub-sectors where visibility is limited, namely triple-net/gaming, lodging, residential and self storage.