Morgan Keegan Reiterates Outperform on Health Care REIT (HCN)

Morgan Keegan is out with a research report this morning, where it reiterates its Outperform rating on Health Care REIT

; it has a $52.00 price target on the stock, up from $51.00. The MK analysts recently adjusted the earnings model for HCN, which modestly raise revenue projections, but have no impact on FFO and FAD. Their 2010 estimates remain $3.19 and $2.95, respectively. Their 2011 estimates remain $3.35 and $3.08, respectively. The analysts believe that management's goal of 5% NOI growth from its joint venture is reasonable. In its RIDEA joint venture with Merrill Gardens, the rents Health Care REIT will forgo on the 13 facilities is contributing to the venture, and its acquisition pace.