Stifel analyst Tao Qiu downgraded Brookdale Senior Living to Hold from Buy with a price target of $4, down from $5. The company updated its view on full year results, expecting adjusted EBITDA to miss guidance due to higher operating expenses despite an on-target sales performance, Qiu tells investors in a research note. The analyst says Brookdale’s "dilutive" November equity raise, consecutive outlook cuts, and unclear prospects on its strategic review "left bulls with few positive catalysts to cheer on." Qiu thinks consensus estimates for 2023 need to come down further, capping the upside near term for the shares.
Published first on TheFly
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