Ventas price target lowered to $68 from $70 at Raymond James

Raymond James lowered the firm’s price target on Ventas (VTR) to $68 from $70 and keeps an Outperform rating on the shares. Skilled nursing facilities and seniors housing operators continue to recover from the impact of the pandemic, while longer-term, increasing demand from the “Silver Tsunami” of aging demographics, a strong rate and affordability outlook, and declining new supply impact should drive strong performance throughout the decade, the analyst tells investors in a research note. Raymond James believes Ventas’s leverage profile and cost of capital will continue to improve from more consistent execution, allowing management to capitalize on accretive external growth opportunities within seniors housing.