Wells upgrades National Health Investors to Overweight, raises target to $63

As previously reported, Wells Fargo upgraded National Health Investors to Overweight from Equal Weight with a price target of $63, up from $55, on improving portfolio metrics that should drive rent coverage higher and reflect in NTM AFFO multiple valuations. Wells notes National Health Investors has made significant progress in working through tenant issues, and has clearly messaged expectations for Bickford, Discovery, and NHC. With a robust SHOP NOI ramp in play to bolster internal performance, the firm believes National Health Investors is positioned to set its sights on building an investment pipeline, and leveraging a strong liquidity profile to drive external growth.