KeyBanc Upgrades Health Care REIT (HCN) to Buy, Positive on Sunrise Acquisition

KeyBanc upgraded Health Care REIT (NYSE: HCN) from Hold to Buy with a price target of $61.00.

The firm comments, "Our upgrade is based on an incrementally positive view of the Company’s recent Sunrise acquisition as well as on the Company’s improving portfolio quality and growth prospects. A 20-30 bps increase in the Sunrise cap rate to 6.2-6.3% following the purchase of $1.3 billion of joint ventures prior to closing makes the deal more attractive, in our view. Additionally, following QE3 and an expected lower interest rate environment, we now believe that lower cap rates are now justified given a declining cost of capital."

For an analyst ratings summary and ratings history on Health Care REIT click here. For more ratings news on Health Care REIT click here.

Shares of Health Care REIT closed at $57.25 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Freedom Broker Upgrades Serve Robotics (SERV) to Buy
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
• Stifel Upgrades Intuitive Machines Inc. (LUNR) to Buy