Wells Fargo analyst Todd Stender downgraded Ventas to Underperform from Market Perform with a price target of $56, down from $62. The analyst says he appreciates the REIT's diversification across medical office, life science, and hospitals, but he expects its senior housing exposure which accounted for 57% of revenue in the most recent quarter to determine share performance. Stender adds that the latest quarter also revealed "continued negative growth without the prospects for any immediate turnaround" and that the REIT's prospects are looking bleak amid oversupplied conditions. If these are sustained, Stender expects Ventas to offer rent concessions to existing triple-net tenants as well as consider incremental asset sales in 2020, further pressuring its FFO.