Sabra Health Care REIT

SBRA · NASDAQ

$19.42+$0.34 (+1.78%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $19.08

SBRA analyst rating

HoldConsensus of 12 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy4
Hold8
Underperform0
Sell0

12-month price target · 17 analysts

Average $23.26 (+19.8% upside)

Low: $19.19
Now: $19.42
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

SBRA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 19, 2026	Maintains	Overweight	$23.00 → $21.00	48%
UBS	Oct 13, 2026	Maintains	Neutral	$21.00 → $20.00	45%
Barclays	Oct 13, 2026	Maintains	Equal-Weight	$23.00 → $21.00	38%
Barclays	Aug 31, 2026	Maintains	Equal-Weight	$21.00 → $23.00	38%
Baird	Aug 31, 2026	Maintains	Neutral	$20.00 → $21.00	48%
Raymond James	Aug 6, 2026	Upgrade	Underperform → Market Perform	—	53%
Baird	Jul 22, 2026	Maintains	Neutral	$22.00 → $23.00	38%
Truist Securities	Jul 22, 2026	Maintains	Buy	$22.00 → $24.00	45%
Citizens	Jul 22, 2026	Maintains	Market Outperform	$23.00 → $25.00	40%
UBS	Jul 8, 2026	Maintains	Neutral	$22.00 → $21.00	45%

The case for and against

Updated Oct 16, 2026

Bull case

Sabra Health Care REIT is supported by a strengthening portfolio that is re-tenanting all 26 Avamere-leased properties at about a 30% premium to trailing cash rent, while additional lease resets and amendments are expected to add more than $9 million of annual cash NOI. Its balance sheet also improved after the $200 million RCA mortgage repayment reduced Net Debt-to-EBITDA from 5.0x to 4.8x and lowered behavioral health exposure to 9% of annualized cash NOI, enhancing financial flexibility. Coupled with $277 million of SHOP and SNF investments at a 7.9% initial cash yield, 14.4% same-store SHOP NOI growth in 1Q26, and normalized AFFO guidance of $1.59-$1.61 per share for 2026, the company shows durable growth and covered income.

Bear case

Sabra Health Care REIT is challenged by a fragile tenant base, heavy dependence on Medicaid, Medicare, and other reimbursements, and meaningful regulatory and license risk that could impair operators’ ability to pay rent or debt obligations. Its balance sheet and funding profile also appear constrained by debt risk and reliance on external capital, while fierce REIT competition and rising capital costs can reduce acquisition accretion and limit growth. Near-term results look pressured by a $100 million loss on debt extinguishment, higher FY26 G&A guidance to $61 million, and weaker behavioral health fundamentals, even though 2026 normalized FFO remains $1.55 per share excluding that loss.

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