UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on Cedar Realty Trust on Balance Sheet Maneuvers

In a report published Monday, Wunderlich Securities analyst Craig Kucera reiterated a Hold rating on

, and raised the price target from $7.00 to $8.00. In the report, Wunderlich Securities noted, "We are raising our price target on Hold-rated Cedar Realty (CDR) from $7 to $8 following a 1Q15 equity offering and recent term loan issuance, supporting acquisition growth. However, our 2014 and 2015 FFO per share estimates are unchanged at $0.54 and $0.57, respectively. CDR continues to embark on a strategic plan to both delever the balance sheet as well as recycle capital out of lower-quality assets into shopping centers with better long-term growth prospects. Management has been successful at executing the plan and shareholders have been rewarded; we now look for $200mm of acquisitions at a 6% cap rate in 2015. Our NAV is increasing to $7.92 (7% cap rate), and our target values CDR at 101% of NAV, in line with similarly sized peers." Cedar Realty Trust closed on Friday at $7.74.