UPDATE: Bank of America Upgrades Brookdale Senior Living to Buy on Better Fundamental Outlook

Bank of America upgraded Brookdale Senior Living Inc. BKD from Neutral to Buy and raised the price target from $27.00 to $31.00. Bank of America commented, "We have long had an upbeat view of BKD's long-term prospects, but are upgrading to Buy from Neutral and raising PO to $31 from $27 on the heels of a more upbeat near term housing view from BofAML's economic team. With housing improvement, there is leverage to increases in occupancy and as occupancy rises, companies can become more aggressive in pushing rates, amplifying the benefit to the bottom line. As a result, we view senior living as the sector in our coverage that is the most levered to an economic rebound." Brookdale Senior Living closed at $25.50 on Thursday.