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Stifel Nicolaus & Co. upgrades HCP to 'buy'

StifelNicolaus & Co. Inc. analyst Chad Vanacore upgraded his investmentopinion of HCP Inc. to"buy" from "hold," with a price target of $29.

The analyst wrote in a research report: "We are upgradingHCP from Hold to Buy as we believe current valuation is attractive. We believe nearterm portfolio repositioning improves the REIT's credit profile by reducingtenant concentration and focusing on attractive core private pay assets. This strategyshould ultimately improve costs of capital enabling HCP to resume growththrough accretive acquisitions. We believe the 5.6% dividend yield isrelatively attractive v. REIT peers and is well covered. Ultimately, we thinkHCP is setting up to be an improving portfolio quality and growth story in 2018and we believe the shares have attractive upside."