UBS initiated coverage of Healthpeak Properties with a Neutral rating and $17 price target. The stable performance in outpatient medical and senior housing is being offset by ongoing weakness in life sciences, particularly in the San Francisco Peninsula where vacancy remains high and leasing economics have deteriorated, the analyst tells investors in a research note. Despite a discount valuation versus historical averages, near-term FFO is expected to decline before modest recovery begins in 2027, reflecting limited visibility into a life science turnaround, the firm says.
