RBC Capital Downgrades CareTrust REIT (CTRE) to Sector Perform

RBC Capital analyst Michael Carroll downgraded CareTrust REIT (NYSE: CTRE) from Outperform to Sector Perform with a price target of $43.00 (from $44.00).

The analyst comments: “We are lowering our rating to Sector Perform and our price target to $43/share. We continue to believe that CTRE is well positioned to deploy capital accretively driving healthy earnings growth over the next few years. That said, we are shifting our focus to companies that are able to more directly benefit from the strong fundamental tailwinds via organic growth. We are, however, increasing our estimates to reflect the recent investment pace, and note, our lower target is driven by reducing our target multiple to 18.5x to reflect a more competitive transaction market.”

For an analyst ratings summary and ratings history on CareTrust REIT click here. For more ratings news on CareTrust REIT click here.

Shares of CareTrust REIT closed at $38.83 yesterday.

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