KeyBanc analyst Austin Wurschmidt raised the firm’s price target on CareTrust REIT (CTRE) to $36 from $33 and keeps an Overweight rating on the shares after the company announced a 15.5M share follow-on issuance, which was upsized to 20M shares for gross proceeds of $640M, or $736M including the over-allotment option. The firm expects proceeds will be used to fund the company’s $600M investment pipeline, repay its existing line balance, and create incremental capacity to fund future investments.
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