Jefferies lowered the firm's price target on National Health Investors (NHI) to $66 from $77 and keeps a Hold rating on the shares as part of a 2025 outlook. Within healthcare real estate investment trusts, the firm prefers senior housing, saying deliveries are "muted" while the 80-plus population is entering a high-growth period. Ventas (VTR) is the analyst's top pick, and it is also positive on Welltower (WELL) and Sabra Health Care REIT (SBRA). Within the other subsectors, Jefferies prefers REITs that are well positioned to "flex external growth" in 2025 like Caretrust REIT (CTRE) and Healthpeak Properties (DOC).