Welltower (WELL) delivered solid Q1 results and remains well positioned for both organic and external growth, RBC Capital Markets said Friday in a report.
RBC boosted 2026 estimates, supported by about $4.7 billion in newly announced deals already completed, representing half of the full-year target. Core earnings may rise 20% in 2026, 17.5% in 2027, and 14.6% in 2028, the report said.
RBC increased its projection for senior-housing operating income growth by 150 basis points to 21.2%, just below the high end of management's guidance.
The senior-housing operating portfolio continued to show momentum to start the year, with occupancy rising 10 basis points sequentially despite a typically slower seasonal period, RBC said. Management lifted its full-year net operating income growth target by 100 basis points to a range of 16.5% to 21.5%, the report said.
RBC raised its price target on Welltower stock to $238 from $230 and maintained its outperform rating.
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