J.P. Morgan Maintains Neutral on HCP

J.P. Morgan is out with its report today on HCP HCP, maintaining Neutral. In a note to clients, J.P. Morgan writes, "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 maintain our bias toward more economically leveraged property types at this point in the cycle." J.P. Morgan maintains a $38 PT on HCP. Shares of HCP closed Tuesday at $36.37, up 2.13% from Monday's close.