UPDATE: Wunderlich Initiates Coverage on Ramco-Gershenson as Balance Sheet is Prepped for Future Growth

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

with a Hold rating and $15.50 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Ramco-Gershenson Properties Trust (RPT) with a Hold rating and a 12-month price target of $15.50. RPT has made great strides in preparing the balance sheet for future growth, while headline risk affiliated with the company's large exposure to the Detroit MSA is overstated, in our opinion. While we forecast adequate dividend coverage for the foreseeable future, RPT's assets appear to be fairly valued and, without further external growth, we believe much of the upside is currently priced in, leading us to our Hold rating.” Ramco-Gershenson Properties Trust closed on Friday at $15.17.