JPMorgan Upgrades Ventas (VTR) to "Overweight" with $72 Price Target

Ventas, Inc. (NYSE:VTR) is one of Goldman Sachs’ top REIT stock picks. On June 23, JPMorgan upgraded Ventas’ stock rating from “Neutral” to “Overweight”. The firm also increased the price target on Ventas shares from $70 to $72. The upgrade reflects a more positive outlook compared to the previous neutral stance.

One of the factors JPMorgan cited was Ventas’ “strong internal and external growth trends.” The firm particularly pointed to the company’s double-digit same-store net operating income (NOI) growth in its senior housing operating portfolio (SHOP), Ventas’ largest portfolio segment. JPMorgan noted that Ventas has maintained a consistent flow of acquisition opportunities, supporting external growth.

The investment firm also cited good visibility for above-average normalized funds from operations (NFFO) per share growth over the next few years. Compared to Ventas’s closest peer, JPMorgan noted that Ventas offers more value on an implied capitalization rate basis, though potentially with somewhat less growth potential. The firm observed that the expected external growth recovery in the overall REIT sector has not broadly materialized, making Ventas’s external growth dynamics stand out.

Ventas, Inc. (NYSE:VTR) is a healthcare-focused REIT with a portfolio of approximately 1,400 properties across the U.S., Canada, and the U.K., including senior housing communities, medical office buildings, and life science centers. Its growth is anchored in the senior housing operating portfolio (SHOP), which delivered double-digit NOI gains in early 2025, supported by rising occupancy and data-driven asset management.

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Disclosure: None. This article is originally published at Insider Monkey.