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Barclays Maintains an 'Overweight' on HCP (HCP); September Quarter Review - After the Call

November 1, 2011 2:26 PM EDT Send to a Friend
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Price: $42.32 -0.31%

Rating Summary:
    5 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 38 | New: 6
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Barclays maintains an 'Overweight' on HCP (NYSE: HCP) price target of $40.00.

Barclays analyst says, "HCP reported an adjusted FFO per share of $0.67, in line with our estimate and above the consensus estimate of $0.66. Same store NOI growth was strong at 4.5% with the senior living portfolio reporting a strong 7.8% NOI growth. More importantly, HCP raised its 2011 adjusted FFO per share guidance to $2.65 to $2.71 (up from $2.63 to $2.69) and raised its adjusted same store NOI guidance to 3.25% to 4.25% (up from 3.0% to 4.0%). We highlight that strong same store NOI growth rates in senior housing likely contributed to the rise in expectations for 2011."

"HCP also disclosed that with the completion of the Brookdale (NYSE: BKD)/Horizon Bay transaction, the company took a small stake in the equity of BKD. Based on the disclosures in HCP's 10-Q, it appears that HCP is holding this at $12.3 million on its balance sheet, implying that the company has just under 1 million shares of BKD. We view this stake in BKD's equity as an investment that may allow BKD and HCP to expand the relationship through future acquisitions or development."

For more ratings news on HCP click here and for the rating history of HCP click here.

Shares of HCP closed at $39.85 yesterday.




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