BTIG Reiterates Buy Rating on Healthcare Realty Trust (HR)

BTIG analyst Michael Gorman reiterated a Buy rating and $20.00 price target on Healthcare Realty Trust (NYSE: HR).

The analyst commented: "When we upgraded shares of HR to Buy following the company's Investor Day last October we believed there was a path to potential relative value improvement through near-term catalysts for 2024. This is especially true in an otherwise choppy REIT market. With the recent announcements surrounding 2Q24 activity including transactions, share repurchases, and leasing momentum, we think that HR is making solid progress on its to-do list. We think that with this progress and recent improvements in the share price, HR will continue to focus on getting occupancy above historical levels, but also longer-term targets like covering its dividend and finding new opportunities for external growth in the MOB space. These will become critical to the continued improvement in valuation as the nearer-term catalysts come to fruition and investor focus shifts to 2025. To that end, we also think that recent Board additions and the creation of a Capital Allocation Committee are also positives. As such, while HR still has work to do within the portfolio and to cover its dividend in 2025, we maintain our Buy rating and $20 PT."

For an analyst ratings summary and ratings history on Healthcare Realty Trust click here. For more ratings news on Healthcare Realty Trust click here.

Shares of Healthcare Realty Trust closed at $17.92 yesterday.

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