Jefferies initiated coverage of CareTrust REIT with a Buy rating and $23 price target. The company has one of the strongest operator benches in the peer group as its rent coverage of 2.70-times is a full turn higher than the peer average, the analyst tells investors in a research note. The firm sees limited risk of additional rent deferrals, and says CareTrust has a “rock solid” balance sheet and access to accretive equity capital to support robust external growth.
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