UPDATE: Stifel Nicolaus Upgrades HCP to Buy

Stifel Nicolaus raises its price target on HCP (NYSE: HCP) on more favorable outlook for large cap HCREITs and establishes a $46 target price on shares.

Stifel Nicolaus says, "We have a more favorable outlook for large cap HCREITs and upgrade HCP to Buy from Hold. We would have been inclined to consider upgrades of other large cap names Ventas (VTR - $58.55 - Hold) or Health Care REIT (HCN - $56.89 - Hold) in a rotation off smaller cap names if those shares had not run up in late January, as we see all three large cap HCREITs (Big 3) well-positioned to further consolidate healthcare real estate."

HCP closed at $41.74 a share on Monday.