By Dhirendra Tripathi
Investing.com – Welltower (NYSE:) shares rose 1% Tuesday following a two-notch upgrade by Raymond James (NYSE:) to a strong buy.
Raymond’s $92 target means a 12.2% upside from the stock’s current level of $82.
“The needs-based demand from the ‘Silver Tsunami’ of aging demographics and declining new supply impact could create a potential multiyear cycle of strong seniors housing performance,” Raymond analyst Jonathan Hughes wrote in his note.
Welltower provides capital for health infrastructure for seniors.
Hughes said he is “more constructive” on seniors housing overall and Welltower’s seniors housing operating portfolios, adding he might have been overly cautious with his prior concerns over the recovery trajectory.
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