UPDATE: Wunderlich Securities Raises Target to $12 on Monmouth Real Estate Investment

Wunderlich Securities maintains its Buy rating on Monmouth Real Estate Investment

as the company deploys capital into higher returns. Wunderlich Securities says, "Buy-rated Monmouth (

) reported FFO for the quarter ended 12/31/11 of $0.20 per share, handily beating our $0.16 estimate. The growth driver was rapid deployment of capital raised in the company's stock offering on December 5, 2011, and continued strong occupancy through year end. Looking forward, we believe that pricing power will drive continued NOI growth, as low new supply trends confront increased customer demand for viable space. We estimate MNR's net asset value at $10.50 on in-place NOI at year-end 2011 using an 8.25% cap rate, and we believe the strong balance sheet and patient execution of its thoughtful business plan will support continued value creation." MNR closed at $9.43 a share on Thursday.