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HCP (HCP) Stock Upgraded at Jefferies

NEW YORK (TheStreet) -- Shares of HCP (HCP - Get Report) are down 5.08% to $34.16 early Tuesday afternoon as the stock was upgraded to "hold" from "underperform" and its price target increased to $32 from $25 at Jefferies.

The firm upgraded HCP after the California-based healthcare-focused real estate investment trust announced on Monday plans to spin off its "underperforming" skilled nursing and assisted living assets, HCR ManorCare portfolio, into a separate, publicly-traded REIT in the 2016 second quarter.

After the spin off is complete, HCP will likely consist of more than 860 properties with an annual portfolio income of about $1.4 billion.

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