UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Inland Real Estate Corporation Following Investor Meetings

In a report published Monday, BMO Capital Markets analyst Paul E. Adornato reiterated a Market Perform rating on Inland Real Estate Corporation

, and slightly raised the price target from $10.00 to $11.00. In the report, Adornato noted, “IRC shares have outperformed peers and the broader equity markets year to date, posting a 39.9% total return versus the RMS' 18.1% and the Shopping Center peer groups' 22.8%. While some outperformance could be attributable to a hunger for yield and to capital rotation into small-cap names, we think there's more to it. Since we've emerged from the recession, the company has delivered strong same-store NOI and has more recently begun to hit its leasing stride – improving occupancy, remerchandising to its desire, achieving positive rental rate spreads – all the things investors demand. However, investors could say that IRC's portfolio tenancy seems to be merchandised more toward middle income shoppers and might benefit from higher-end merchant exposures like Whole Foods and Nordstrom Rack.” Inland Real Estate Corporation closed on Friday at $11.67.