Target $20.

Mizuho resumed coverage of Healthpeak Properties with a Buy rating and $22 price target. The shares have underperformed healthcare real estate investment trusts year-to-date as investors remain concerned about capital allocation and value creation, challenging fundamentals in life sciences and limited growth opportunities in the company's medical office segment, the analyst tells investors in a research note. However, the firm sees several catalysts during the next few quarters for Healthpeak to re-rate, including selling assets and buying back stock, and an inflection in life science fundamentals in the second half of 2024.