UPDATE: Stifel Nicolaus Initiates Buy, $17 PT on AmREIT on Prime Portfolio

Stifel Nicolaus initiated its coverage on AmREIT

with a Buy rating and a $17 price target. Stifel Nicolaus commented, "The company owns 29 properties with 1.2 million square feet of gross leasable area. About 90% of the centers are located on Irreplaceable Corners™, which is to say they are located in high-traffic, densely populated, relatively affluent areas with limited land available for development. The company operates in two business segments: its operating portfolio and advisory services. The advisory services include real estate operating and development businesses and a family of closed-end advised funds. Our $17 price target represents a 7% discount to estimated net asset value." AmREIT closed at $14.33 on Tuesday.