W.P. Carey assumed with an Equal Weight at Wells Fargo

Wells Fargo assumed coverage of W.P. Carey with an Equal Weight rating with a price target of $63, up from $62. The entire Healthcare sector has worked in 2024 as it benefits from the secular tailwinds of the often-mentioned acceleration of retirement age individuals, occupancy recovery from COVID, and minimal-to-negative supply growth as development costs and bed moratoriums impede new stock, the firm says. Given the re-rating the space has seen and significant premiums to NAV, Wells sees growth-adjusted multiples as the best method of picking Healthcare stocks today.