BMO Capital swapped the firm’s top healthcare real estate investment trust pick to Welltower (WELL) from Ventas (VTR) while maintaining both at Outperform. After a strong 2024, BMO remains positive on healthcare heading into 2025 citing accelerating needs based demand, limited supply and a robust acquisition environment. The firm’s sub-sector pecking order is unchanged with senior housing number one, followed by skilled nursing and labs. The analyst sees Ventas as more likely to be conservative with its initial 2025 funds from operations guidance with senior housing growth limited by Canada’s strength.
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