On Monday, JPMorgan resumed coverage on Healthpeak Properties (NYSE:DOC), a real estate investment trust, with a Neutral rating and a new price target of $19.00, down from a previous target of $25.00.
The firm had previously rated the stock as Overweight before entering a period of restriction which led to a temporary Not Rated status.
JPMorgan noted the change in rating and price target for Healthpeak Properties, indicating a shift in expectations for the company's stock performance. The adjustment comes as the firm re-engages with the stock after a hiatus due to undisclosed restrictions.
Healthpeak Properties, which is listed on the New York Stock Exchange under the ticker PEAK, is set to change its trading symbol to DOC. This update was included in the analyst's commentary without specifying the effective date of the ticker change.
The new price target of $19.00 is set with a December 2024 time horizon, reflecting JPMorgan's revised outlook on the stock. The previous target of $25.00, also set for December 2024, was in place prior to the restriction period.
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