Jefferies Downgrades Brookdale Senior Living (BKD) to Hold
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Jefferies downgraded Brookdale Senior Living (NYSE: BKD) from Buy to Hold with a price target of $14.00 (from $29.00) citing competitive pressures.
Analyst Brian Tanquilut commented, "We are downgrading BKD to Hold given our view that the recent expansion of competitive pressures to BKD's mid-sized markets introduces incremental headwinds that are likely to persist in 2017 due to continued elevated levels of new supply entering the senior housing market. While BKD has sold off significantly after its soft Q3 and Q4 outlook, we see limited stock upside as competitive pressures are unlikely to diminish in 2017."
Shares of Brookdale Senior Living closed at $12.52 yesterday.
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