Berenberg Upgrades LTC Properties (LTC) to Buy, 'Well placed to chase growth'

Berenberg analyst Connor Siversky upgraded LTC Properties (NYSE: LTC) from Hold to Buy with a price target of $47.00 (from $34.00).

The analyst comments "LTC is managing its tenant issues appropriately, in our view, and is well set up for external growth in the months ahead: LTC’s Q222 earnings report included positive news regarding the resolution of collection issues related to major tenants. Reflecting effective execution, LTC has emerged as an outperformer ytd: +27.3% versus IYR -13.1% and SPY -12.9%. With a relatively strong equity multiple and low leverage versus senior care peers, we believe LTC is well positioned to engage in accretive external activity. As such, we upgrade LTC to Buy from Hold and raise our price target to $47 from $34, the result of higher AFFO estimates and a 50bp improvement in our terminal growth rate assumption."

For an analyst ratings summary and ratings history on LTC Properties click here. For more ratings news on LTC Properties click here.

Shares of LTC Properties closed at $41.90 yesterday.

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