Mizuho Securities Remains Sidelined on HCP, Inc. (HCP) as Lauralee Martin Steps Down as CEO

Mizuho Securities reiterated a Neutral rating and $32.00 price target on HCP, Inc. (NYSE: HCP) following the company's announcement that CEO, Lauralee Martin has left her position. HCP's Executive Chairman, Mike McKee has taken over as CEO on an interim basis.

Analyst Richard Anderson commented, "HCP announced that Lauralee Martin has left her position as CEO, replaced on an interim basis by current Executive Chairman, Mike McKee. While the release left some of the rationale behind the change to the imagination, we spoke to the company this evening and believe this was a mutual/coordinated decision aimed at checking off an important box for a company still in a major transition. Ms. Martin provided a leadership bridge during a very difficult time, and the board concluded it needed to hit control-alt-delete, at least from a leadership point of view, and start the process of answering persistent questions about the future face of "RemainCo". Reiterate Neutral; we intend to address the discrepancy between our rating and PT when quarterly results are reported."

For an analyst ratings summary and ratings history on HCP click here. For more ratings news on HCP click here.

Shares of HCP closed at $36.54 yesterday.

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