UPDATE: Jefferies Raises PT to $57 on Health Care REIT Post Q1

Jefferies increases its price target from $56 to $57 on Health Care REIT

on the company's growth, but reiterates its Hold rating on shares as this growth is acquisition-dependent. Jefferies comments, "HCN remains an acquisition-fueled growth story, based on the thesis that HCN can successfully source and execute accretive off-market acquisition opportunities from its strong existing relationships with a diverse pool of regional operators. However, pricing on recent acquisitions suggests off-market pricing may be converging quickly towards public auction pricing." HCN closed at $55.99 on Wednesday.