UPDATE: Mizuho Securities Downgrades HCP to Neutral, Lowers PT on Reasons for Caution

In a report published Monday, Mizuho Securities analyst Richard Anderson downgraded the rating on

from Buy to Neutral, and lowered the price target from $50.00 to $49.00. In the report, Mizuho Securities noted, “We are lowering our rating on HCP to Neutral, and our price target to $49 from $50, as we have altered our view related to the thin rent coverage with its largest tenant, HCR ManorCare. HCP stock produced reasonable total return during 2014 (+27%) and 100 bp outperformance so far in 2015 (i.e., approaching our target), despite the lingering rent coverage uncertainty. Leading up to 4Q14 earnings on 2/10/15, which we expect to be overwhelmed by HCR-related questions, we think it is time for investors to exercise some caution here.” HCP closed on Friday at $48.15.