Raymond James analyst Jonathan Hughes raised the firm’s price target on Welltower to $72 from $70 and keeps an Outperform rating on the shares. Welltower underperformed the healthcare REIT average by 250bp over the past two days following a short report questioning the recently-announced partial transition of the ProMedica portfolio to Integra Health, Welltower’s premium valuation, and management’s credibility, but Hughes tells investors in a research note that the report "shows a clear misunderstanding" of skilled nursing facilities and seniors housing. Hughes has "no concerns whatsoever" regarding management’s underwriting or capital allocation abilities and has full confidence management is acting in shareholders’ best interests.
Published first on TheFly
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