Mizuho Securities Downgrades National Health Investors (NHI) to Neutral
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Mizuho Securities analyst Omotayo Okusanya downgraded National Health Investors (NYSE: NHI) from Buy to Neutral with a price target of $55.00 (from $60.00).
The analyst comments "We are concerned about NHI's earnings outlook as COVID-19 has spread to secondary/tertiary markets which dominate the NHI portfolio. With 1) more senior housing operators implementing admission bans/restrictions, 2) most states suggesting senior housing will be one of the last businesses to open, and 3) senior housing not materially benefiting from the CARES Act, we are increasingly worried about tenant credit risk at NHI despite solid rent collection rates in April/May. This is of significance at NHI as the two top tenants (33% of total rents) have low rent coverage, and the inability to pay rent by either could drive a major lease restructuring and dividend cut."
Shares of National Health Investors closed at $53.89 yesterday.
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