10:35 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $8 to $110, applying a forward P/FFO of 26.5x our 2024 FFO estimate, a premium to WELL's 21.2x five-year average multiple due to the robust post-Covid recovery playing out within senior housing and positive demographic trends. We raise our 2024 FFO estimate by $0.05 to $4.14 and lift 2025's by $0.10 to $4.61. WELL posted Q1 2024 FFO of $1.01 vs. $0.85, a $0.06 consensus beat on revenues that were in line with consensus. Revenues rose 19% Y/Y as WELL continued to benefit from positive supply/demand dynamics within senior housing. Portfolio same-store (SS) NOI rose 13% Y/Y, led by senior housing operating (26% Y/Y, 50% of NOI), Triple-Net (+3% Y/Y, 17%), Outpatient Medical (+2% Y/Y, 22%), and Long-term Post Acute Care (+3% Y/Y, 11%). Senior housing occupancy rose 400 bps Y/Y to 83.8% and strong pricing power allowed WELL to achieve SS RevPOR growth of 4% Y/Y. WELL made $241M of acquisitions and loan funding in Q1 and we expect management to remain acquisitive through 2024.