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5 REITs That Just Received a Price Target Increase

5 REITs That Just Received a Price Target Increase

Analysts have a lot of influence on Wall Street and help shape investor sentiment. Analyst upgrades and price target increases are great motivations for investors to buy a stock. Therefore, when an analyst upgrades or maintains a previous rating and simultaneously increases the price target, investors can expect an increase in the stock price.

Analysts will often review a particular subsector and then raise price targets for more than one stock within a given sector. Other times when an analyst raises a rating on a stock, another analyst will quickly follow suit.

Three analysts at Mizuho have been busy reviewing numerous real estate investment trusts (REITs) in recent days. Here are five REITs that just received a price target increase from Mizuho:

VICI Properties Inc (NYSE:VICI) is a New York-based diversified experiential REIT. It specializes in owning and operating gaming, hospitality and entertainment properties. The triple-net portfolio includes Las Vegas hotels such as Caesars Palace, MGM Grand and the Venetian Resort.

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VICI Properties was founded in 2017 as a REIT and was a spin-off from Caesars Entertainment Operating Company as part of a Chapter 11 reorganization. The IPO took place on February 1, 2018. Vici Properties’ portfolio currently includes 54 gaming and 38 non-gaming facilities, with 60,300 hotel rooms and more than 500 restaurants, bars, nightclubs and sportsbooks.

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On May 1, VICI Properties reported first-quarter earnings that met consensus estimates and beat consensus revenue estimates.

On May 10, Mizuho analyst Haendel St. Juste maintained VICI Properties with a buy and raised the price target from $31 to $32.

Real Estate Income Corp (NYSE:O) is a San Diego-based triple-net lease REIT. It has more than 15,450 properties worldwide. The “Monthly Dividend Company,” as it is commonly known, is a member of the S&P 500 and an S&P 500 Dividend Aristocrat. Realty Income has increased its dividend 124 times since its initial public offering in 1994.

On May 6, Realty Income announced its first quarter operating results. Funds From Operations (FFO) of $1.05 per share beat the $1.04 per share estimate and revenue of $1.26 billion exceeded the consensus estimate of $1.10 billion.

On May 10, Mizuho analyst Vikram Malhorta maintained a Buy on Realty Income and raised the price target from $56 to $59. Realty Income recently closed at $54.63.


Essential Properties Realty Trust Inc (NYSE:EPRT) is a Princeton, NJ-based diversified REIT that owns and manages single-tenant properties with net leases for service-oriented and experiential businesses. Essential Properties was founded in 2016. It has a portfolio of 1,873 properties across 48 states. Currently, 99.8% of properties are leased, with a weighted average lease term (WALT) of 14.0 years.

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First quarter earnings were mixed. On April 24, Essential Properties reported FFO of $0.42 per share, missing the estimate of $0.46 per share, but revenue of $103.50 million surpassed the consensus estimate of $10.06 million.

On May 10, Mizuho analyst Vikram Malhorta maintained Essential Properties Realty Trust with a buy and raised the price target from $26 to $29.

Agree Real estate company (NYSE:ADC) is a Bloomfield Hills, MI-based triple-net-lease REIT focused on retail properties. The portfolio includes 2,161 owned and managed properties totaling 45 million square feet across 49 states. 69% of tenants are investment grade, including household names like Walmart Inc (NYSE:WMT), Best Buy Co. Inc (NYSE:BBY) Dollar General Corp (NYSE:DG) and Kroger Co (NYSE:KR).

Agree Realty had a great first quarter. On April 23, Agree reported FFO of $1.03 per share, beating the estimate of $1.01 per share. Revenue of $149.453 million topped the estimate of $146.462 million and exceeded first quarter 2023 revenue of $126.618 million by 18.03%.

On May 10, Mizuho analyst Haendel St. Juste maintained Agree Realty at Neutral and raised the price target from $60 to $62.

Welltower Inc (NYSE:WELL) is a Toledo, Ohio-based healthcare REIT with interests in senior housing, post-acute communities and outpatient medical properties. It does this by providing capital to the operators who operate these facilities. Welltower was founded in 1970 under its original name Health Care Fund and incorporated as a REIT in 1985. Welltower is a member of the S&P 500.

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Welltower has a total portfolio of 2,096 properties consisting of senior housing, outpatient medical care and long-term/post-acute care across the US.

On April 29, Welltower reported first-quarter results. FFO of $1.01 per share exceeded the consensus estimate of $0.95. Revenue of $1.859 billion surpassed the consensus estimate of $1.806 billion and exceeded first-quarter 2023 revenue by $1.561 billion.

Welltower also increased its FY24 FFO from $3.95-$4.10 per share to $4.02-$4.15 per share.

On May 8, Mizuho analyst Omotayo Okusanya maintained Welltower with a buy and raised the price target from $98 to $105.

With strong earnings reports, it’s easy to see why these five REITs received price target increases. However, investors should remember that analyst price targets are the highest expected price for the coming year and that analysts are only right about 50% of the time.

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