Healthpeak Properties price target lowered to $22 from $24 at Wedbush

Wedbush lowered the firm’s price target on Healthpeak Properties (DOC) to $22 from $24 and keeps an Outperform rating on the shares. The firm notes that stronger than expected same store growth during Q1 and reiterated FFO guidance were nevertheless interpreted negatively by the Street given the likely deceleration for the remainder of the year. Combined with management’s candid view of the choppy state of affairs for biopharma, the stock produced a 5%-plus decline on Friday. Wedbush says it did not see that reaction coming, nor do it understand it — these conditions are already known by the market.