Welltower upgraded to Outperform at Evercore ISI ahead of earnings

As previously reported, Evercore ISI upgraded Welltower to Outperform from In Line with an unchanged price target of $81 heading into Q1 earnings season for the healthcare REIT group. The firm anticipates a "strong" FY23 and FY24 earnings recovery and believes "the company will grow into its multiple." On the group more broadly, the firm contends that the healthcare sector shows more defensive operating characteristics, backstopped by "growing evidence of a strong and sustained seniors housing recovery," along with well-leased development pipelines and limited debt rollover and refinancing exposure.