Sonida Senior Living initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Sonida Senior Living (SNDA) with an Equal Weight rating and $25 price target The “pure-play senior housing owner and operator” has concentrated exposure to high-growth senior housing operations, which could sustain near-term growth above diversified healthcare REIT comps, but that is “likely reflected in the price,” the analyst tells investors. The firm sees Sonida as “an impressive turnaround story,” but one that is still in the “early innings,” the analyst added.