Compass Point last night initiated coverage of Strawberry Fields REIT (STRW) with a Buy rating and $14 price target The demographics of aging baby boomers support the need for nursing home facilities throughout the country, and Strawberry focuses on states that gate the construction of new facilities with a Certificate of Need and focuses on for-profit operators that obtain reimbursement for services from Medicare and Medicaid as well as private sources, the analyst tells investors in a research note. The firm says the company has acquired $115M of properties that will increase the quarterly earnings run rate from 28c to 35c per share, a growth rate that is likely to support price appreciation.
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