Ventas upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Michael Mueller upgraded Ventas (VTR) to Overweight from Neutral with a price target of $72, up from $70. The company’s internal and external growth trends have been “very good” with double-digits same-store net operating income growth for its largest portfolio component and a consistent flow of acquisition opportunities, the analyst tells investors in a research note. The firm says that compared to its closest peer, Ventas shares arguably offer more value, particularly on an implied cap rate basis. The external growth recovery expected for the overall real estate investment trust group has not materialized as a whole, which arguably makes Ventas’ external growth dynamic stand out a bit more, contends JPMorgan.