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With senior housing generating sequential growth, the performance of healthcare real estate investment trusts (REITs) has been in focus.
There is a “large valuation spread” between Ventas, Inc. (NYSE:VTR) and Welltower Inc (NYSE:WELL), while both companies are moving into “new growth territory with their senior housing portfolios,” according to Wedbush.
The Ventas, Welltower Analyst: Richard Anderson upgraded the rating for Ventas from Neutral to Outperform, while raising the price target from $44 to $51. Anderson is keeping Welltower at Neutral while raising the price target from $83 to $90.
The Ventas, Welltower Thesis: With progress in senior housing, growth in the companies' same-store net operating income (NOI) is going “from the teens to the twenties — a theme we expect to continue in 2024,” Anderson said in the upgrade note.
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During the third quarter of 2023, “both VTR and WELL produced over 100bps of sequential occupancy increases, which is pushing up margins and overall NOI growth a few rungs — VTR and WELL targeting 18% and 25%, respectively, for 2023,” the analyst wrote.
“The stock performance differential has been staggeringly in the favor of WELL (+34% vs. -1%, YTD),” Anderson stated. “But VTR showed us determination during 3Q23 with quick action seemingly putting back on its growth track,” he added.
VTR, WELL Price Action: Shares of Ventas had declined by 1.63% to $43.56; Welltower is down 2.25% at $86.16 at the time of publication Tuesday.
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