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Jefferies LLC initiates coverage of Physicians Realty Trust at 'hold'

Jefferies LLC analyst Omotayo Okusanya initiated coverage ofPhysicians RealtyTrust with a rating of "hold," and a price target of$19.50.

The analyst wrote in a research report: "While DOC hasthe strongest earnings and dividend growth outlook in 2017 amongst the three 'pure-play'MOB REITs and trades at the lowest P/FFO multiple, we worry that the 2017consensus estimate ($1.25) is too high (we are at $1.16). DOC's portfolio also doesnot stack up as well against HTA and HR in terms of measures such as exposureto on-campus, top healthcare systems or top MSAs. This suggests to us that theportfolio NAV is more at risk in the face of rising rates and the aforementionedregulatory risks — especially with DOC trading at the richest premium to NAVwithin the group."