UPDATE: Stifel Nicolaus Downgrades Sunrise Senior Living to Hold Following Buyout Offer

Stifel Nicolaus reduced its rating on Sunrise Senior Living

from Buy to Hold and removed its $11 price target per share. Stifel Nicolaus said, "Before the market open, 8/22/12, Health Care REIT (HCN - $58.14 - Buy) announced an all cash acquisition of Sunrise Senior Living for $14.50/share. This represents a 63% premium over prior days closing and a 29% premium to our $11.25 NAV/sh estimate. At $14.26/sh, Sunrise trades near the current acquisition offer and well above our $11 target, and as we do not expect a competing offer at this time we are lowering our rating to Hold." Sunrise Senior Living closed at $14.26 on Wednesday.