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Stifel reiterates ratings on Omega Healthcare, National Health Investors

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Stifel reiterates ratings on Omega Healthcare, National Health Investors

Reiterations

Stifel analysts Chad Vanacore and Seth Canetto reiterated their "hold" rating on healthcare real estate investment trust Omega Healthcare Investors Inc., while raising the per-share price target to $30.00 from $27.00.

In an Aug. 6 note, the analysts said the company reported per-share adjusted funds from operations of 76 cents, beating consensus estimates of 74 cents, and upgraded the low end of its guidance. The analysts also noted the company's portfolio restructuring, saying it expects management to complete the process as expected.


In a separate Aug. 7 note, the same team reiterated its "buy" rating on National Health Investors Inc., while raising the healthcare REIT's stock price target to $83.00 per share from $76.00 per share.

The analysts said the company met expectations with its second-quarter normalized FFO of $1.38 per share and raised the low end of its full-year FFO-per-share guidance by 2 cents.

The team said it expects the company to support growth through accretive investments, having closed on $114.1 million of new investments at a weighted average cap rate of 7.2% in the second quarter, and committed to year-to-date investments of $159 million.

Downgrades

Mizuho Securities USA LLC's Haendel St. Juste downgraded homebuilder PulteGroup Inc. to "neutral" from "buy" with a per-share price target of $31.00, down from a previous estimate of $36.00 per share.

The downgrade is based on the company's lopsided risk and reward with a dearth of short-term catalysts and slower expected earnings-per-share growth versus competitors. However the analysts also acknowledged the company's "solid quarter" and outlook for the full year 2019.


A team of Janney Montgomery Scott LLC analysts downgraded single-tenant REIT National Retail Properties Inc. to "neutral" from "buy" with a fair value estimate of $46.00 per share.

The analysts said the downgrade is valuation-driven because they believe the company is trading at a 5.8% nominal implied cap rate at its current stock price, versus 6.1% for the triple-net peer group.

The team said it still likes the business model of the company but said it remains on the sidelines as it searches for "a more attractive entry point on the stock."