UPDATE: Goldman Sachs Raises PT on Brookdale Senior Living to $30

Goldman Sachs is out with its report today on Brookdale Senior Living (NYSE: BKD), raising its PT from $28 to $30.

In a note to clients, Goldman Sachs writes, "Incremental positives for senior housing operator Brookdale Senior Living: (1) Timing – BKD has recently sold off 15% based on a potential Medicare / Medicaid cut for skilled nursing reimbursement. We see an attractive entry point as just 7% of BKD's revenues are exposed to these payments; and (2) Rent growth - we raise our CFFO estimates modestly on stronger-than expected rents in the early part of a multi-year up-cycle. Separately, we highlight that our favorable view for senior housing fundamentals remains unchanged. Limited supply growth and strong demographics auger well for BKD. Buy BKD for 21% upside to our new 12-month price target of $30."

Shares of BKD closed Wednesday at $24.83, up 2.22% from Tuesday's close.