In a report released today, Joseph France from Cantor Fitzgerald reiterated a Buy rating on Global Medical REIT (NYSE: GMRE), with a price target of $10. The company’s shares opened today at $8.90.
France noted:
“: We are reiterating our $10 PT and Overweight rating on GMRE, and lifting our 2018 and 2019 outlooks slightly on a pickup in acquisitions. GMRE made its biggest acquisition ever in April and has followed up with two acquisitions worth an aggregate $8.7 million in the third quarter, and it has purchase agreements for three more acquisitions totaling $29.9 million that are yet to close. On top of accelerating its acquisition pace, GMRE is taking steps to arrange more long-term financing, amending its debt, terming out its revolver and establishing relationships with foreign capital markets to facilitate faster growth and greater scale.”
According to TipRanks.com, France is a 5-star analyst with an average return of 11.7% and a 61.7% success rate. France covers the Services sector, focusing on stocks such as Cross Country Healthcare, Five Star Quality Care, and US Physical Therapy.
Currently, the analyst consensus on Global Medical REIT is a Strong Buy with an average price target of $9.83.
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Based on Global Medical REIT’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $1.87 million. In comparison, last year the company had a GAAP net loss of $622.8K.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GMRE in relation to earlier this year.
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Global Medical REIT, Inc. operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
