UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Monmouth Real Estate Investment Corporation on Forward Estimate

In a report published Monday, Wunderlich Securities reiterated its Buy rating on Monmouth Real Estate Investment Corporation

, and slightly raised its price target from $12.00 to $12.75. Wunderlich Securities noted, “For its first fiscal quarter ended December 31, 2012, MNR reported FFO of $0.18 per share and AFFO of $0.13 per share. While AFFO was light of our estimate, we attribute this to the timing of intraquarter acquisitions that were completed in December. The company continues to lever its common and preferred equity with low cost fixed rate amortizing debt, and we believe its acquisition targets and lease renewals could drive 15% growth in property net operating income. We are raising our price target to $12.75, which is based on our forward estimate of the net asset value of MNR's portfolio.” Monmouth Real Estate Investment Corporation closed on Friday at $10.77