UPDATE: Stifel Reiterates Buy Rating, Lowers PT on HCP Following Modest Model Adjustments

In a report published Friday, Stifel analyst Robert Mains reiterated a Buy rating on HCP (NYSE: HCP), but lowered the price target from $53.00 to $51.00.In the report, Stifel noted, “We are making modest adjustments to our HCP model to reflect 2013 and 2014 debt maturities and Tenet Healthcare's (THC: $40.68 - Not Covered) purchase option exercises on three hospitals. As a result, we are also slightly lowering 2014 financing assumptions and general and administrative expense. There is no net impact to our FFO and FAD estimates, which remain $3.00 and $2.50 per share, respectively, in 2013 and $3.10 and $2.62 per share, respectively, in 2014. As our target price is based partly on relative valuations, we are lowering it from $53 to $51, as the FAD multiple for S&P 500 REITs has declined.”HCP closed on Thursday at $39.71.