Analyst Actions: Wachovia Initiates Coverage of Health Care REITs - HCP Down Fractionally
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[July 18, 2008]

Analyst Actions: Wachovia Initiates Coverage of Health Care REITs - HCP Down Fractionally

(Midnight Trader Via Acquire Media NewsEdge) Boston, Jul 18, 2008 (MidnightTrader via COMTEX News Network) --

Wachovia expects several health care real estate investment trusts over which it has initiated coverage to perform at their current levels during the next year, AP reported.

The firm initiated coverage of HCP (HCP), Nationwide Health Properties (NHP) and Medical Properties Trust (MPW), attaching "market perform" ratings to all.

But Wachovia gave Senior Housing Properties Trust (SNH) an "underperform" rating due to concerns about its cash flow growth and tenant concentration. It also questioned the strategy of its parent company, REIT Management & Research.



HCP was given the neutral rating because of the stock's high price and high debt. However, it has made smart moves in shifting its focus to low-risk assets that institutional investors prefer, the analyst noted. It invested in medical office buildings before its peers and is now increasing its holdings of life sciences properties, Wachovia said.

In addition, it has reduced its Medicare exposure and is moving away from skilled nursing facilities and hospitals.


Price: 34.89, Change: -0.01, Percent Change: -0.03

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