Leerink Swann Downgrades Sun Healthcare Group (SUNH) to Market Perform; Post-Spin

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Leerink Swann downgraded Sun Healthcare Group (NASDAQ: SUNH) (Nasdaq: SUNHD) from Outperform to Market Perform.

Leerink analyst says, "Following Sun Healthcare's completed real estate spin-out transaction and one-for-three reverse share split, we are downgrading our rating on the operating company to Market Perform from Outperform. In this note, we have updated our model and valuation for Sun Healthcare's operating company, which will trade under the symbol SUNHD until December 15 (after which it will revert to SUNH). Sun Healthcare's real estate business, Sabra Health Care REIT, will trade under the symbol SBRA...Our new 2010, 2011 and 2012 EPS estimates are $1.73, $1.40, and $1.55, respectively, compared to our prior reverse split-adjusted estimates of $2.39, $1.89, and $2.10."

For more ratings news on Sun Healthcare Group click here and for the rating history of Sun Healthcare Group click here.

Shares of Sun Healthcare Group closed at $9.44 yesterday, with a 52 week range of $6.68-$10.34.

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