S&P REITERATES BUY OPINION ON SHARES OF HCP, INC. (Standard & Poor's) Q2 operating FFO of $0.69 vs. $0.55 matches our estimate. Results reflect initial contribution from $6.1 billion acquisition in assets from HCR Manorcare, effective April 7, 2011. On a same-property basis, income rose 2.6%. We see an accretive impact from the HCR transaction in H2 and 2012. We expect the trust's diversification to minimize any risk from expected reductions in Medicare reimbursement rates. We keep our '11 and '12 FFO estimates of $2.51 and $2.77, respectively. Our target price of $41, cut $2, is based on updated 14.8X our '12 FFO estimate, close to REIT peers.