Raymond James analyst Jonathan Hughes downgraded Welltower to Outperform from Strong Buy with a price target of $90, up from $82. The analyst is “still constructive” on Welltower but is now “less-enthusiastic” driven by the firm’s updated 2024 earnings estimates that are 4% below consensus. Welltower’s premium valuation brings “little margin for error” and its status as the most overweight name among healthcare real estate investment trust-dedicated investors means meaningful incremental buyers of the stock will need to come from generalists, the analyst tells investors in a research note.
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Published first on TheFly
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