We are relatively neutral on VTR as the short case has been catalyzed and it is unwise to push our luck here.
The bulls still need to be extra cautious as consensus is thinking that Q4-2019 is an outlier.
There are some serious headwinds for senior housing in 2020 and guidance might really disappoint.
When we last covered Ventas Inc. (VTR), we left with the message that $55 was a good point to cover the short position we had recommended earlier. Specifically we suggested:
At $55, it