Ventas upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Ventas to Overweight from Equal Weight with a price target of $71, up from $61, following analyst coverage transfer. The firm says Ventas’s PEGY looks more attractive in all Wells’ scenarios. Ventas’ resolution with Kindred resulted in a 27% rent cut that met the firm’s expectations and removed a key overhang on the stock. Further, Wells believes Ventas has more low-hanging fruit available to drive SHOP growth in the medium-term.