Wedbush upgrades National Health on sanguine skilled nursing outlook

Wedbush upgraded National Health Investors to Outperform from Neutral with a price target of $64, up from $57. The skilled nursing and senior housing sectors had a strong quarter with rent coverage, occupancy, Medicare/Medicaid reimbursements, and senior housing RevPOR growth all moving in a positive direction, the analyst tells investors in a research note. The firm says National Health Investors “distinguishes itself” by having its two largest skilled nursing facility operators being publicly traded, creating more visibility. The other highlight fort the company was the repayment of previously deferred rents, largely from Bickford, says Wedbush. It believes accelerating demand and low supply “lay the groundwork for a nice fundamental pathway in the non-cyclical skilled and senior spaces.”