KeyBanc reiterates a 'Buy' on Health Care REIT (NYSE: HCN), price target $46. KeyBanc analyst says, "We are incrementally positive on HCN following its recent equity issuance. Whether the debt markets remain difficult or improve enough to support new investment, we think HCN is well positioned to outperform given its well-fortified balance sheet and a clean and resilient portfolio. With almost $400 million of equity in the coffers, HCN can pay down debt in the near term, reducing debt/EBITDA from 5.4x to 4.8x, and be ready to deploy a portion of the proceeds for opportunistic investment. Assuming favorable pricing, we think either use of proceeds is a positive. Our revised estimates assume that roughly half the equity pays down debt and $150 million is invested in acquisitions beginning in 1Q10. Despite the dilution, HCN's post-deal valuation, which is in line with the health care REITs at a 12.9x deleveraged 2010 FFO multiple, looks attractive to us. In our view, the Company's balance sheet and growth prospects should command a premium to the peers; we also like HCN's 6.8% premium dividend yield that is well-covered by AFFO"