Benzinga·2025-06-23 17:24分组1: Ventas Inc. (VTR) - JPMorgan analyst upgraded Ventas Inc. from Neutral to Overweight and raised the price target to $72 from $70, citing robust internal and external growth, including double-digit same-store net operating income gains and steady acquisitions [1] - Ventas is viewed as more attractively valued compared to peer Welltower, particularly on an implied cap rate basis, despite slightly lower growth potential [2] - The price target increase reflects improved growth visibility, based on a dividend discount model with a 5.25% long-term growth rate and a 95% AFFO payout ratio [3][7] 分组2: Americold Realty Trust Inc. (COLD) - Americold Realty Trust was downgraded from Overweight to Neutral, with a price target cut to $21 from $24 due to weaker throughput volumes and lower occupancy rates [3][4] - The downgrade reflects lower earnings estimates and a higher 11.5% discount rate in the DCF model, indicating increased uncertainty and tempered growth expectations [4] 分组3: Federal Realty Investment Trust (FRT) - Federal Realty Investment Trust was downgraded from Overweight to Neutral, with a price target set at $108, attributed to a reduced focus on development and redevelopment projects [5][6] - Investors are cautious about FRT's strategy of entering new markets by divesting high-quality assets, which may take time to show operational benefits [6][7] 分组4: Lineage Inc. (LINE) - Lineage Inc. was downgraded from Neutral to Underweight, with a price target lowered to $50 from $55, due to a broader preference for other REIT sectors despite the long-term merits of the Lineage platform [7][8] - The cold storage segment is facing lower throughput volumes, impacting occupancy and pricing, with the 2025 AFFO per share outlook falling below management guidance [8]