Morgan Stanley upgraded Healthpeak Properties (DOC) to Overweight from Equal Weight with a $25 price target While the firm shares market concerns about elevated lab supply and potential financial pressure on biotech tenants in Healthpeak’s key markets of San Francisco, Boston and San Diego, it also notes their highly occupied and higher quality assets, combined with deep tenant relations, has led them to outperform investor leasing expectation in 2024 and argues this may continue in 2025.
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