UPDATE: Stifel Nicolaus Raises PT on Sabra Health Care REIT Post Preferred Offering

Stifel Nicolaus maintained Sabra Health Care REIT SBRA with a Buy rating and raised the price target from $29.00 to $30.00. Stifel Nicolaus analyst Robert Mains wrote, "Yesterday, Sabra priced 5 million shares of 7.125% cumulative redeemable preferred stock at $25. The deal was upsized considerably from 2 million shares. Assuming an additional 750,000 shares for the underwriters' overallotment, Sabra will use net proceeds of $138.2 million to pay down its revolver ($92.5 million outstanding as of December 31) and to fund future acquisitions. […] We had modeled Sabra raising $100 million this year through an at-the-market equity program. In our view, the preferred offering obviates the need for additional equity capital until 2014." Sabra Health Care REIT closed at $28.40 on Thursday.