UPDATE: Stifel Nicolaus Lowers PT to $22 on Emeritus Corporation

Stifel Nicolaus cuts its price target $3 to $22 on Buy-rated Emeritus Corporation

following the company's quarterly earnings miss. Stifel Nicolaus says, "With an earnings miss we wouldn't be surprised to see shares lower on Thursday. However, we are maintaining a Buy rating on Emeritus shares as we see value created in JV's and despite earnings volatility core operating fundamentals are gradually improving." ESC closed at $16.95 a share on Tuesday.