Morgan Keegan Has Outperform Rating On Health Care REIT (HCN)

Morgan Keegan has an Outperform rating and a $55 price target on shares of Health Care REIT, Inc. HCN. In a note sent to clients, Morgan Keegan writes, "Health Care REIT is purchasing four senior housing properties from a joint venture and leasing them to Capital Senior Living (CSU-$6.87, NR), the joint venture's manager. The acquisition price was not disclosed but we estimate it is $130-$145 million given first year rent of $10.2 million." Morgan Keegan goes on to say, "Our investment thesis for healthcare REITs is that they will make accretive acquisitions, driving higher valuations even absent multiple expansion. This illustration of Health Care REIT's key investing theme underscores our confidence in the company's ability to meet or exceed our earnings estimates." Shares of HCN gained 3 cents on Friday to close at $47.24.