Deutsche Bank analyst Omotayo Okusanya upgraded Healthpeak Properties (DOC) to Buy from Hold with a price target of $28, up from $20. The life sciences real estate market is “navigating a complex landscape,” but improving biotech fundraising, expectations for a Federal Reserve rate cutting cycle over the next 12-18 months, and declining supply heading into 2025 suggest investors “should begin to have cautious optimism,” the analyst tells investors in a research note. The firm says Healthpeak Properties and Alexandria Real Estate are best positioned to benefit from this improving outlook. It believes both companies will gain share as the sector continues to adjust to a normalized demand curve.
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