12:55 PM EDT, 05/14/2024 (MT Newswires) -- Brookdale Senior Living's ( BKD ) momentum is expected to continue through the rest of 2024 following its Q1 results that were driven by "solid" growth in revenue per available unit, or RevPAR, and labor expense management, RBC Capital Markets said in a note.

"We are encouraged that management expects RevPAR growth to improve through the balance of the year," RBC said in a report Monday.

Due to this expectation from the company's management, RBC said it increased its topline estimates in the second half of the year, raising its 2024 revenue forecast for Brookdale to $3.141 billion from its previous estimate of $3.136 billion.

RBC said it is increasing its Q2 adjusted EBITDA estimate to $96.7 million from $95.7 million previously, just ahead of the mid-point of the company's second-quarter guidance range.

RBC maintained the company's outperform rating and $9 price target.

Price: 7.12, Change: +0.13, Percent Change: +1.79