Ventas price target lowered to $54 from $56 at RBC Capital

RBC Capital analyst Michael Carroll lowered the firm’s price target on Ventas to $54 from $56 but keeps an Outperform rating on the shares. The company’s plan to take ownership of the full collateral pool supporting the Santerre Mezzanine loan is estimated to be 2c per share dilutive in 2023 and likely to its FFO guidance range, the analyst tells investors in a research note. The reduced price target also reflects a slightly lower target multiple from 19-times to 18.5-times to reflect slightly higher leverage and the recent capital markets disruption, RBC added.