Wachovia Initiates Senior Housing Properties Trust (SNH) with an Underperform
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Wachovia initiates coverage on Senior Housing Properties Trust (NYSE: SNH) with an Underperform rating and a $17 to $19 valuation range.
The firm said, "Despite the stock trading at sizable discounts to peer averages, we believe the attractive implied asset value does not outweigh our outlined risks including those associated with its externally-managed structure and related conflicts of interest thereto. We believe further entry into MOBs (with limited prior mgmt experience) could potentially divert attention from the company's core competency in the Senior Housing space, as well as imply some dilution implications if the company decides to move away from Senior Housing into MOBs (lower yield) via asset recycling."
Senior Housing Properties Trust (Senior Housing) is a real estate investment trust (REIT).
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SNH coverage
adavid wagner on Jul 18, 2008 01:05 PMSee to your own company before knocking others.