UPDATE: Morgan Keegan Lowers PT on Brookdale Senior Living to $31

Morgan Keegan is out with its report today on Brookdale Senior Living (NYSE: BKD), lowering its PT from $34 to $31.

In a note to clients, Morgan Keegan writes, "Because of the near-term operational softness, we are trimming our target P/CFFO multiple from 16x to 15x. Combined with lower forward earnings, we are lowering our price target from $34 to $31. Our CFFO estimates do not assume any debt refinancing, though our price target assumes that 2012 and 2013 mortgage debt is refinanced at 6%."

Morgan Keegan maintains Outperform on BKD.

Shares of BKD closed Wednesday at $24.80, down 3.91% from Tuesday's close.