Ventas price target raised to $71 from $64 at Wedbush

Wedbush analyst Richard Anderson raised the firm’s price target on Ventas (VTR) to $71 from $64 and keeps an Outperform rating on the shares. Having made progress last quarter on its Kindred exposure, the firm turns its attention to Ventas’ 5th largest operator, Brookdale Senior Living (BKD), which represents 7% of the portfolio. A master lease covering 121 properties will expire on 12/31/25 although Brookdale has to give notice if it will extend 10 more years on or before 11/30/24. Overall, this looks like an opportunity for Ventas to ultimately grow cash flow in one way or another, Wedbush argues.