Cantor Fitzgerald analyst Joseph France initiated coverage with a Hold rating on HCP Inc (NYSE: HCP) today and set a price target of $28. The company’s shares opened today at $26.25.
France said:
“We are initiating coverage of HCP with a $28 price target and a Neutral rating. HCP has risen by 16% over the past three months, along with other large-cap REITs, but it is down 17.5% over the past year, compared with a 14% gain in the 12% decline in the S&P U.S. Healthcare REIT Index. We believe that most of the stock’s relative weakness reflects concern about interest rates, deteriorating fundamentals in senior housing and HCP’s restructuring. With HCP’s restructuring nearly at an end, we expect investors to begin valuing the company more on its fundamentals, which we expect to improve, and to worry less about interest rates. Although we think senior housing could remain slow for awhile, we are enthusiastic about HCP’s strategy to leverage its position in life science and MOB.”
According to TipRanks.com, France is a 5-star analyst with an average return of 11.6% and a 61.8% success rate. France covers the Services sector, focusing on stocks such as Cross Country Healthcare, Five Star Quality Care, and Envision Healthcare.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for HCP Inc with a $27.40 average price target, implying a 4.4% upside from current levels. In a report issued on August 2, BMO Capital also assigned a Hold rating to the stock with a $27 price target.
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HCP Inc’s market cap is currently $12.34B and has a P/E ratio of 218.83. The company has a Price to Book ratio of 2.40.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HCP in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
HCP, Inc. is a real estate investment trust which invests primarily in real estate serving the healthcare industry in the United States. It acquires, develops, leases, sells, and manages healthcare real estate and provides mortgage and other financing to healthcare providers.
