BMO Capital analyst Juan Sanabria upgraded LTC Properties (LTC) to Market Perform from Underperform with an unchanged price target of $39. The firm sees a multiple expansion opportunity for the shares with the company’s senior housing operating portfolio growth picking up. Senior housing is expected to represent 20% of LTC’s pro forma portfolio, and acquisition execution should be key, the analyst tells investors in a research note. BMO believes the company’s balance sheet is well positioned with potential valuation upside versus peers.
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