UPDATE: Stifel Nicolaus Downgrades Senior Housing Properties Trust (SNH)

Stifel Nicolaus is out with its report today on Senior Housing Properties Trust SNH, downgrading SNH from Buy to Hold. In a note to clients, Stifel Nicolaus writes, "SNH continues to trade at a substantial FAD multiple discount to large cap healthcare REITs, at a modest NAV discount and is stepping up acquisitions, but we believe its externally advised structure and continued concentration on a single tenant for about 50% of its revenue limit upside potential in SNH shares. We believe SNH shares might have another $1 or so potential upside, but this is not enough to support a Buy rating in our view." At the time of posting, shares of SNH were trading pre-market at $24.08, down 0.78% from Thursday's close.