Wells Fargo initiates coverage on Health Care REIT, Inc. (NYSE: HCN) with an Outperform rating. Valuation Range: $45-$46. Wells analyst says, "HCN is one of our top picks in the healthcare REIT space due to its above-average portfolio diversification, conservative capital structure, and construction expertise, in our view. However, we believe the relative size of the development commitment remains an overhang on the shares despite the pipeline entirely pre-leased, as HCN undertakes no 'spec' construction. As a result, we believe HCN shares deserve an above-average valuation relative to its healthcare peer group." Health Care REIT, Inc. is an equity real estate investment trust. The firm engages in investment, development, and management of properties.