UPDATE: Bank of America Initiates Buy, $11 PO on Medical Trust Properties
Bank of America initiates its coverage on Medical Trust Properties (NYSE: MPW) with a Buy rating and a price objective of $11 a share.
Bank of America says, "MPW develops, acquires and invests in general acute-care hospitals, long-term acute-care hospitals and inpatient rehabilitation facilities. Upon the closing of a recently announced acquisition, MPW's portfolio will have 78 properties. MPW's portfolio is concentrated in terms of health care property type, tenants and state exposure. We prefer diversification among the health care property types. While the Ernest deal improves operator and state diversification, MPW's top-five operators still represent 56.8% of assets and exposure to California is 22% and Texas is 23%."
MPW closed at $9.76 a share on Friday.
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