UPDATE: Stifel Nicolaus Lowers PT on Emeritus to $25

Stifel Nicolaus is out with its report today on Emeritus ESC, lowering its PT to $25 from $30. In its report, Stifel Nicolaus writes, "Emeritus' 2Q11 CFFO per share bested our estimate but the company posted disappointing QoQ and YoY same-store results. ESC shares down 32.2% since 3/31/11 vs. 37.3% for the private-pay senior housing sector and 9.5% for the S&P 500. With management indicating improving 3Q11 occupancy, CEO Granger Cobb back on the job and the shares down sharply and well below NAV, we see potential upside from the current share price to $25 but are removing ESC as our Select List pick." Shares of ESC closed Friday at $17.25.