Medical Properties Trust Stock Sinks on Wells Fargo Downgrade and Dividend Cut
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Medical Properties Trust stock lagged the market due to a downgrade from Wells Fargo analyst.
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The analyst downgraded MPW to a sell rating and cut the price target from $9 to $4 per share.
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MPW is a real estate investment trust (REIT) focused on medical facilities.
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Higher interest rates have hurt REITs, and MPW cut its dividend nearly in half in August.
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The dividend cut turned off many investors who invest in REITs for the high dividend yields.