Morgan Keegan Lowers Price Target On Ventas To $60

According to Morgan Keegan, Ventas VTR reported a better-than-expected quarter on strong NOI from its senior living operating portfolio. Morgan Keegan said that, as expected, acquisition pace was slow as Ventas took a breather to integrate its two recent large acquisitions, Atria Senior Living ($3.1 billion) and Nationwide Health Properties ($7.4 billion). “We are raising our 2011 FFO/FAD estimates from $3.16/$2.93 to $3.21/$2.97 but taking a more conservative view of 2012, lowering our estimates from $3.46/$3.26 to $3.43/$3.23. As a result, we are dropping our price target modestly, from $62 to $60.” Ventas closed yesterday at $48.47.