Community Healthcare price target lowered to $22 from $30 at Truist

Truist lowered the firm’s price target on Community Healthcare to $22 from $30 and keeps a Buy rating on the shares. The firm had previously believed that Community Healthcare was one of the REITs most likely to benefit from interest rate cuts due to its steady/high acquisition cap rates funded with term loan debt, credit facility borrowings and equity issuance at a premium to net asset value, but the company’s cost of equity has seen a significant increase with the announcement of Assurance Health falling behind on rent payments, the analyst tells investors in a research note. Truist is cutting its FY24 EPS view by 28c to $1.88 and its FY25 view by 32c to $1.97.