UPDATE: Raymond James Upgrades Welltower, Inc. (WELL) to Strong Buy
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(Updated - June 15, 2021 7:35 AM EDT)
Raymond James analyst Jonathan Hughes upgraded Welltower, Inc. (NYSE: WELL) from Market Perform to Strong Buy with a price target of $92.00.
The analyst commented, "We are upgrading WELL to Strong Buy from Market Perform and establishing a $92 target price while also raising our target price for Outperformrated VTR to $65 (+$4). Coming out of REITweek, we are more constructive on seniors housing overall and the seniors housing operating (SHOP) portfolios owned by both as our prior concerns over the recovery trajectory appear to have been overly cautious. The needs-based demand from the "Silver Tsunami" of aging demographics and declining new supply impact could create a potential multiyear cycle of strong seniors housing performance, and we're going "all-in" ahead of this now that we have more clarity and better understanding. Both WELL and VTR trade 2-3% below pre-pandemic levels while the average REIT is up 10%, the S&P 500 Healthcare Services index up >25%, and the S&P 500 up 30%. While of course risks remain, we find it curious that healthcare operators have recovered all value – and then some – while landlords like WELL and VTR have not. Our WELL 2022 FAD and NAV estimates increase 7% and 12% while the same for VTR increase 3% and 8%."
Shares of Welltower, Inc. closed at $81.21 yesterday.
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