UPDATE: Stifel Nicolaus Raises PT to $27.50 on Emeritus on Solid Q3
Stifel Nicolaus reiterated its Buy rating on Emeritus (NYSE: ESC) and raised its price target from $25 to $27.50.
Stifel Nicolaus commented, "The company reported overall occupancy of 87.1%, up 70 basis points sequentially and well ahead of our 86.5% estimate, as positive move-in momentum continued. Same-store occupancy of 87.4% was up 80 basis points sequentially. Overall revenues per unit rose 3.3% annually compared to our 2.6% estimate, and same-store RPU of 1.9% compared to our 1.0% estimate. As a result of thee trends, the facility operating margin of 33.1% topped our estimate by 8 basis points."
Emeritus closed at $22.88 on Monday.
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