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HCP Stock Price Target Lowered at Jefferies

NEW YORK (TheStreet) -- HCP's (HCP - Get Report) price target was lowered to $39 from $40 at Jefferies on Thursday.

The Irvine, CA-based company is a real estate investment trust serving the healthcare industry. Jefferies maintained its "hold" rating on the stock.

"We are lowering our outlook on senior housing in light of rising concern about supply," Jefferies analysts said in a note. "We also have concerns about skilled nursing as occupancy growth remains challenging and government reimbursement risk is on the rise."

Shares of HCP could face a downside of 20% to 60% if supply resembles levels seen in the last bust, the firm added.

"With developers still going full steam ahead, we worry things get worse before they get better and oversupply creeps into more markets over the next 12-18 months," Jefferies continued.

HCP stock was up by 0.61% to $39.64 on Thursday afternoon.

Separately, TheStreet Ratings team rates HCP INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate HCP INC (HCP) a HOLD. The primary factors that have impacted our rating are mixed - some...