RBC Capital Upgrades CareTrust REIT to Outperform, 'uniquely positioned in the current environment'

  • Investing.com
RBC Capital Upgrades CareTrust REIT to Outperform, 'uniquely positioned in the current environment'
(Updated - September 12, 2023 4:49 AM EDT)

RBC Capital analyst upgraded CareTrust REIT (CTRE) from Sector Perform to Outperform with a price target of $23.00 (from $19.00).

The analyst comments "We believe CTRE is uniquely positioned in the current environment to be more aggressive deploying capital accretively. The SNF competitive landscape has improved over the past several quarters as the more aggressive private buyers had to take a step back (due to the disruptive capital markets), allowing the REITs to again be more competitive. Additionally, CTRE can fund these investments primarily with equity, driving solid external growth, and at the same time, reducing leverage metrics. Therefore, we are raising our rating to Outperform and increasing our price target to $23/share (from $19/share)."

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