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Fly News Breaks for December 11, 2018
MPW
Dec 11, 2018 | 08:37 EDT
Wells Fargo analyst Todd Stender upgraded Medical Properties Trust to Market Perform from Underperform and raised his price target on the shares to $17.50 from $13.50. The analyst notes that to date, his Underperform thesis for Medical Properties Trust was primarily based on the elevated risk profile that he viewed within the owned-mortgage portfolio, which had reached a high of 20% of gross assets in Q1 of 2018, though has declined over the past few quarters to a level that he now deems to be reasonable and closer to the group average. The analyst anticipates this level going even further south to the 12%-13% ballpark due to the 5th and final Steward mortgage converting to real estate ownership expected to occur in Q4.
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