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Stifel Nicolaus reiterates its Buy rating on LTC Properties
LTC and raises its price target to $32 from #30 per share as it introduces estimates for 2013.
Stifel Nicolaus says, "We are introducing 2013 FFO and FAD per share estimates of $2.43 and $2.42, respectively, indicating 6.1% FFO per share growth and 6.1% FAD per share growth. Very modest annual rent increases and accretive acquisitions funded 50% by debt, effectively increasing LTC's leverage, drive earnings growth. ...Given LTC's very low debt levels and ability to accretively invest, we believe it should trade at or above the healthcare REIT median and we are increasing our target price to $32 per share."
LTC closed at $30.34 per share on Thursday.
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Posted In: Price TargetReiterationPre-Market OutlookMarketsAnalyst RatingsFinancialsSpecialized REIT'sStifel Nicolaus
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