UPDATE: BofA Securities Downgrades Omega Healthcare Investors (OHI) to Underperform
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(Updated - April 24, 2020 7:18 AM EDT)
(updated to add analyst comments)
BofA Securities analyst Joshua Dennerlein downgraded Omega Healthcare Investors (NYSE: OHI) from Neutral to Underperform with a price target of $23.
Dennerlein commented, "The NY Times recently reported that roughly one-fifth of US COVID-19 deaths are linked to nursing facilities. High mortality rates at SNFs will put pressure on occupancy and cause costs to rise sharply for operators. SNFs already operate with thin margins. We believe this increases the risk of rent deferments in the short term and bankruptcies over the medium term."
The firm cut 2021 estimates to $2.88 from $3.17.
Shares of Omega Healthcare Investors closed at $28.14 yesterday.
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