Jefferies upgraded HCP (NYSE: HCP) from Underperform to Hold with a price target of $32.00 (from $25.00).

Analyst Omotayo Okusanya commented, "We are upgrading HCP to Hold from Underperform based on news that HCP will be spinning off its underperforming ManorCare SNF portfolio into a separately traded REIT in 2H16. A sum of the parts analysis suggests a $32 PT is appropriate."

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 $35.99 yesterday.