Jefferies cuts Healthpeak Properties to Hold, sees another challenging Lab year

As previously reported, Jefferies downgraded Healthpeak Properties (DOC) to Hold from Buy with a price target of $17, down from $21. With vacancy near 30% in key Lab markets and trailing-12-month biotech funding down 10% year over year, the firm expects another year of weak Lab fundamentals in 2026, the analyst tells investors in a research note. While the firm sees merit in the management’s decision to dispose of Outpatient Medical assets and increase Lab exposure, it also sees execution risk and does not expect investors to reward this move initially, Jefferies added.