Healthcare Realty Trust price target lowered to $17 from $18 at Scotiabank

Scotiabank lowered the firm’s price target on Healthcare Realty Trust (HR) to $17 from $18 and keeps a Sector Perform rating on the shares. While fiscal 2025 normalized FFO per share guidance of $1.58 at the midpoint missed the Street by 0.6% on higher-than-expected joint venture contributions and dispositions and bad debt expense impact from the Prospect Medical bankruptcy, some positives from Q4 fiscal 2024 multi-tenant absorption met management’s expectations of ~150 basis points, helping to drive expected same store cash NOI growth acceleration in FY25, the analyst tells investors in a research note.