UPDATE: Wunderlich Securities Initiates Coverage on Investors Real Estate Trust with Buy Rating, $10 PT as a Unique Real Estate Play on the Bakkan Boom

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

with a Buy rating and $10.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Investors Real Estate Trust (IRET) with a Buy rating and a $10 price target. IRET is a unique play on Upper Midwest real estate markets, which have been relatively defensive throughout the Great Recession, while growth going forward will be driven by expanded development in multifamily assets in the North Dakota energy corridor as well as health care assets throughout IRETs footprint. IRET has had recent success in its capital recycling plan to fund growth; while we believe that office vacancy has bottomed as supply has dropped off in the Twin Cities, job growth in Minnesota is occurring at a pace not seen since the 90s.” Investors Real Estate Trust closed on Thursday at $8.06.