-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We increase our 12-month target by $2 to $21, reflecting a forward P/FFO of 12.0x our 2026 FFO estimate, a discount to DOC's three-year forward average (10.6x) as headwinds in Lab are likely to continue in 2026 mixed with capital recycling plans early in the year. We lower our 2026 FFO view by $0.02 to $1.75 and increase 2027's by $0.02 to $1.82. DOC successfully executed the IPO of Janus Living, which now trades at a premium multiple relative to DOC. We believe this will accelerate JAN's acquisition ability in the senior housing market. The most surprising note from management was that it sees the lab space likely to grow occupancy by the end of 2026. This is strong outperformance relative to the largest lab focused operator Alexandria Real Estate Equities, with DOC guiding for a 100-bp improvement this year. Boston continues to be the market with the largest oversupply of lab space, but the West Cambridge location specifically is seeing strong demand currently.