BofA raised the firm’s price target on American Healthcare REIT to $31 from $27 and keeps a Buy rating on the shares after the company issued and closed on 20.1M shares at $23.55 for net proceeds of $473.4M to fund their purchase option of Trilogy. Positively, the equity raise allows American Healthcare to exercise the purchase option of $258M and lower its leverage profile, says the analyst, who sees upside risk to the firm’s estimates from additional external growth and notes that shares remain on BofA’s “US1” list.
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