Jefferies upgraded Welltower (WELL) to Buy from Hold with a price target of $147, up from $132. With senior housing operating portfolios “setting up for multiple years of outsized growth,” Welltower is the “premier” senior housing real estate investment trust with 57% net operating income exposure, the analyst tells investors in a research note. The firm says that in addition to a “strong” macro backdrop, Welltower plans to expand its end-to-end tech platform to additional operators in 2025, enhancing margin expansion. While the stock’s valuation screen expensive relative to peers and historical levels, when adjusting for growth “it appears more reasonable,” contends Jefferies.
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