UPDATE: Morgan Stanley Initiates HCP at Equal-Weight
Morgan Stanley is out with its report today on HCP (NYSE: HCP), initiating HCP at Equal-weight.
In its report, Morgan Stanley writes, "Initiate coverage with an Equal-weight rating and a $38 price target, representing 14% total return potential. We view HCP today as the rare combination of a blue chip REIT offering a high dividend yield (5.5%). Risks of Medicare reimbursement cuts present a medium-term overhang, in our view."
At the time of posting, shares of HCP were trading at $34.62, down 1.14% from Wednesday's close.
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