Stifel Nicolaus Reiterates Hold on Ventas

Stifel Nicolaus maintains its Hold rating on Ventas VTR as it increases estimates to reflect the Cogdell Spencer acquisition. Stifel Nicolaus says, "Before the market open, 12/27/11, Ventas announced a definitive agreement to acquire Cogdell Spencer (CSA -$4.26 - NR) for $4.25/sh, an 8.4% premium to previous close. Total consideration to acquire CSA is estimated in the $760M to $770M range including assumable debt. ...Ventas indicates the transaction will be $0.03 to $0.05 accretive on a full year basis and we are increasing our 2013 FFO and FAD per share estimates in this range." VTR closed at $55.37 per share on Tuesday.