BMO Capital analyst John Kim downgraded Sabra Health Care to with an unchanged price target of $17. The analyst sees the company “walking a tightrope ” as it seeks to enhance its risk/reward profile by de-levering its balance sheet to appease bondholders, growing earnings to satisfy shareholders, and increasing its senior housing exposure. The latter comes with with lower initial yields, Kim tells investors in a research note. The analyst sees flat earnings in 2020 after a “steep decline” in 2019, and a “stretched dividend.”
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