Senior housing REIT Ventas climbs after Q2 FFO beat
** Shares of Ventas VTR.N up 2.2% at $56.53 amid a sea of red on Fri after senior housing REIT posts modest Q2 FFO beat
** VTR rises as much as 3.3% to $57.11, highest since late May 2022
** Stock could be benefiting from plunge in yields on Fri after soft jobs data
** Ventas late Thurs posted normalized FFO of 80 cents/sh vs LSEG estimate of 79 cents/sh as same-store net operating income (NOI) in senior housing operating portfolio rose 15.2% yr/yr
** In flash research note, Baird said co's NOI growth was 200 bps above its estimate led by strong U.S. growth of 16.3%
** Baird has "neutral" rating on VTR and $51 PT
** Ventas boosted lower end of 2024 FFO guidance by 2 cents to $3.10-$3.18
** 14 of 20 analysts covering VTR rate stock "strong buy" or "buy", rest recommend "hold" and their median PT is $55 - LSEG
** With move on the session, VTR up ~13% YTD, outperforming S&P 500 Real Estate sector's .SPLRCR 4% advance
** Earlier this week, peer Welltower WELL.N raised its annual FFO forecast, betting on steady senior housing demand
** WELL up fractionally on Fri, though up ~25% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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