UPDATE: Wunderlich Initiates Coverage on Urstadt Biddle Properties, Says Shopping Center Sharpshooter is Fairly Valued

In a report published Friday, Wunderlich Securities analyst Craig Kucera initiated coverage on

with a Hold rating and $21.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Urstadt Biddle Properties Inc. (UBA) with a Hold rating and a $21 price target. UBA is a pure-play on grocery-anchored retail with 81% of their assets located in the suburbs of New York City. Growth will primarily be organic as leases signed during a more challenging environment (2009-2011) roll off, while we forecast occupancy to improve more than 2% by FY14 due to redevelopment efforts at four assets. While management maintains untapped balance sheet potential for external growth, we believe shares are fairly valued.” Urstadt Biddle Properties closed on Thursday at $19.26.