Welltower, Ventas brave market selloff as analysts boost PTs

Welltower

05/08/2024 17:19

** Shares of healthcare REITs Welltower  WELL.N  and Ventas
 VTR.N  rise on Mon and defying broader swoon in global equities
after Wall Street analysts hike PTs
    ** WELL's stock last up 1.1% at $114, while VTR's shares up
1.2% at $57.07 and among top performers in S&P 500 Real Estate
sector  .SPLRCR , which is down 0.3%
    ** This as S&P 500  .SPX  tumbling 2.5% on the session as US
recession fears jolt markets  .N 
    ** Last week, Welltower raised its annual FFO forecast on
steady demand for senior housing, and Ventas boosted lower end
of its 2024 FFO guidance by 2 cents/sh
    ** Wedbush raises its WELL PT from $100 to $120, and
increases VTR PT from $54 to $64
    ** WELL's equity currency and balance sheet will likely
allow it to continue to generate "significant growth accretion,"
Wedbush says, adding VTR "seems to have re-established its
footing following sequential quarters of SHOP (senior housing
operating portfolio) execution of its own"
    ** For WELL, Mizuho raises its PT from $105 to $125 and BMO
raises from $115 to $120
    ** BMO also raises VTR PT from $60 to $63 and Evercore goes
from $56 to $61
    ** With moves on Mon, WELL up ~25% YTD, VTR up ~14%. S&P
Real Estate index up 3.5% in 2024

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))