UPDATE: Jefferies Downgrades Sabra Health Care to Hold on Valuation

In a report published Wednesday, Jefferies analyst Omotayo Okusanya downgraded the rating on Sabra Health Care REIT

from Buy to Hold, but reiterated the $32.00 price target. In the report, Okusanya noted, “SBRA has had an incredible run with the stock up 250% since late 2011, but we believe now is the time to take some chips off the table. As such, we lower our rating to Hold given: 1) valuation is reflective of diversification efforts, and 2) potential cuts to FY14 Medicare reimbursement could be an overhang. That said, we are still positive on SBRA long-term but expect performance over the next 12-months to moderate.” Sabra Health Care REIT closed on Tuesday at $30.70.