Welltower, Inc. (WELL) PT Raised to $115 at Morgan Stanley

Morgan Stanley analyst Ronald Kamdem raised the price target on Welltower, Inc. (NYSE: WELL) to $115.00 (from $107.50) while maintaining a Overweight rating.

The analyst comments "▪ WELL derives ~54%+ of its NOI from its RIDEA / SHOP segment. Post COVID, we see a strong recovery of the company's core organic growth supplemented by accretive external growth. ▪ We believe portfolio occupancy troughed in 1Q21 at ~74% and model it increasing to ~87% by the end of '25e, in line with '19a. This helps drive strong SS-NOI growth in '24e & '25e. ▪ While the implications of COVID-19 were significant, we believe the secular demographic tailwinds remain in place over the MT/LT as demand rebounds and supply remains low. There is significant pent-up demand for seniors housing given aging baby-boomers that are the largest segment of the US population at +21% in 2022."

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