UPDATE: Jefferies Downgrades Ventas to Hold, Raises PT on Balance Risk/Reward

In a report published Wednesday, Jefferies analyst Omotayo Okusanya downgraded the rating on Ventas VTR from Buy to Hold, but raised the price target from $78.00 to $82.00. In the report, Okusanya noted, “While VTR remains our favorite large-cap healthcare REIT, the stock's 21% rise YTD has resulted in a full valuation. Coupled with the potential for increased headline risk of new assisted living supply, we downgrade shares to Hold from Buy. That said, we raise our PT to $82 to reflect expectations of significant accretive acquisition activity, though we believe this is largely reflected in shares at this point.” Ventas closed on Tuesday at $79.39.