UPDATE: Morgan Keegan Raises PT on HCP to $43 (HCP)

Morgan Keegan is out with its report today on HCP (NYSE: HCP), raising its price target from $40 to $43.

In a note to clients, Morgan Keegan writes, "We are raising our estimates. Our 2011 estimates including the prefunding costs related to debt and equity issued in advance of the Manor Care acquisition. We are now excluding them and other transaction costs in line with HCP's guidance. On that basis, we are raising our 2011 FFO estimate $2.60 to $2.63 (guidance $2.58-$2.64) and our FAD estimate from $2.03 to $2.07 (guidance $2.02-$2.08). As a result, we are raising our price target from $40 to $43."

Morgan Keegan has an Outperform rating on shares of HCP.

HCP closed yesterday at $37.52, up 0.78% from Monday's close.