UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on HCP on Model Update

In a report published Friday, J.P. Morgan reiterated its Neutral rating on HCP

, and raised its price target from $48.00 to $50.00. J.P. Morgan noted, “We retain our Neutral rating on HCP due to a number of factors. On the valuation front, the stock trades at slight premiums to the health care REIT averages (particularly on an AFFO basis), which we do believe is justified considering its improved growth profile following recent investment activity and lease restructuring. However, we continue to maintain our bias toward more economically leveraged property types at this point in the cycle.” HCP closed on Thursday at $48.88.