Hilliard Lyons Reiterates Underperform Rating on HCP After 4Q Conference Call

In a report published Wednesday, Hilliard Lyons reiterated its Underperform rating on HCP HCP. HIlliard Lyons noted, “Following the conference call and a more in-depth look at HCP's results, we are fine-tuning our 2013 FFO estimate slightly to $3.03 a share, which is slightly above guidance. We are making the assumption that the company will close $1.3 billion in net acquisitions during the year, while management's guidance includes no meaningful purchases. We note that this is a solid reduction from the approximately $2.6 billion closed in 2012, and is very conservative in our opinion. We believe that our estimate for $1.3 billion in acquisitions for the year is conservative given that it is only about half of what was closed last year and in light of the fact that management noted on the conference call that the deal environment is strong.” HCP closed on Tuesday at $47.08.