UPDATE: Stifel Nicolaus Lowers PT to $24 on Brookdale Senior Living

Stifel Nicolaus cuts its target price on Buy-rated Brookdale Senior Living

by $1 to $24 on cuts to reimbursements. Stifel Nicolaus says, "Lowering 2012 EPS and CFFO per share estimates by $0.18 to $0.17 and by $0.14 to $2.22, respectively. Higher impact from skilled nursing reimbursement is primary reason for lower EPS and CFFO estimates, offset some by higher occupancy growth assumptions. We are above the top range of management guidance for 2012 CFFO ($2.10 - $2.20/sh) as we model slight (10 bps) margin improvement versus management guidance for flat margins." BKD closed at $18.80 a share on Thursday.