Wells Fargo Initiates NHI Coverage With An Outperform Rating - National Health Investors (NYSE:NHI)

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Wells Fargo is initiating coverage of National Health Investors, Inc. (NYSE: NHI) with an Outperform rating.“We are initiating coverage of National Health Investors, Inc. (NYSE: NHI) with an Outperform rating and a 12-month valuation range of $46-48 per share,” Wells Fargo writes.“Our thesis is based primarily on higher-than-average potential earnings growth as the company embarks on a new strategy of adding leverage to its existing asset base as well as on new acquisitions.”Wells Fargo added that its model projects FFO of $2.75 per share in 2010, which is nearer to the high-end of management's guided range of $2.73-2.76 per share and excludes one-time items. “Our 2011 and 2012 FFO estimates are $2.96 and $3.13 per share, respectively,” Wells Fargo concluded.National Health Investors currently trades at $43.29.

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