Janney starts ‘undervalued’ Strawberry Fields REIT with a Buy

As previously reported, Janney Montgomery Scott initiated coverage of Strawberry Fields REIT (STRW) with a Buy rating and $12.50 fair value estimate. The firm views Strawberry Fields as “an undervalued and underfollowed play” in the skilled nursing facility healthcare REIT space and believes the REIT’s strong acquisition pipeline will deliver above-average growth over the next few years, the analyst tells investors. Strawberry Fields owns and acquires skilled nursing facilities located primarily in the Midwestern and Southern U.S. and its portfolio included 103 SNFs, 2 long-term acute care hospitals, and 9 assisted living facilities that were 100% leased to third-party operators as of September 30, the analyst noted.