UPDATE: JP Morgan Downgrades Health Care REIT to Overweight on Valuation

JP Morgan downgraded Health Care REIT HCN from Overweight to Neutral and maintained a $63.00 price target. JP Morgan noted, "We are downgrading HCN to Neutral from Overweight. This call is a relative stock call as we continue to view the fundamental prospects and growth outlook for HCN favorably. We simply hold a bias toward more economically leveraged property types at this time and see near-term catalysts elsewhere in the REIT sector. … HCN trades at 15.9x our 2013 FFO estimate, a 3% premium to the healthcare group average." Health Care REIT closed at $61.31 on Tuesday.