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Jefferies LLC upgrades HCP to 'hold'

JefferiesLLC analyst OmotayoOkusanya upgraded his investment opinion of HCP Inc. to "hold" from "underperform,"and increased his price target to $32 from $25.

The analystwrote in a research report: "We are upgrading HCP to … based on newsthat HCP will be spinning off its underperforming ManorCare SNF portfolio into aseparately traded REIT in 2H16. A sum of the parts analysis suggests a $32 PT isappropriate."