Raymond James analyst Jonathan Hughes upgraded Welltower to Strong Buy from Outperform with a price target of $82, up from $72, after raising the firm’s Healthcare REIT sector recommendation to Overweight. While Hughes believes Welltower’s 2023 consensus estimates are still too high, he thinks the long-term seniors housing operating portfolio NOI recovery remains compelling and overshadows this downward-estimate revision risk, the analyst tells investors in a research note. He is confident in Welltower’s long-term ability to recapture seniors housing NOI lost during the pandemic.
Published first on TheFly
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