J.J.B.Hilliard W.L. Lyons LLC analyst John Roberts cut his investment opinion ofVentas Inc. to"neutral" from "long term buy."
The analyst wrote in a research report: "VTR's resultswere very good and VTR, in our opinion, remains a consolidator in a growing,attractive asset class. When we upgraded the stock last November after the company'sinvestor event, it was on an attractive valuation with the stock having comedown significantly. The stock has now approached our previous 2-3 year pricetarget of $65. With the share price sitting within 5% of that number, we can nolonger justify purchase of the shares, even though we might be able to justifya marginally higher target price based on the group moving up and looking out alittle further with our estimates. As such we are reducing our rating toNeutral. Having said that, VTR should continue to post solid growth andfundamentals and the company's management remains solid. The share price is nowjust a little above our buy range, thus the Neutral rating, as investors couldstill hold the shares for its solid dividend yield and modest priceappreciation potential."