UPDATE: BMO Capital Raises PT on Equity One on Raised Estimates

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Equity One

, and raised its price target from $21.00 to $24.00. BMO Capital Markets noted, “With lease expirations manageable at 10% of total SF in '13 (vs. 13% last year) and demand picking up in the more challenging small shop space, we expect EQY to experience organic growth through modest occupancy gains and high-single-digit rent spreads. While $300 mn of planned dispositions will knock ~$0.05 from FFO, all else equal, rent commencements at the Gallery at Westbury (currently 75% leased and 60% occupied), $200 mn of planned acquisitions (excluding JVs), and the $262 mn redevelopment pipeline will be key drivers this year. On the balance sheet front, we estimate that EQY can lower its Debt/EBITDA to 6.6x by year-end (a tad above its long term 6.5x target) from the current 7.1x through judicious use of disposition proceeds.” Equity One closed on Friday at $23.82.