UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on AmREIT on Higher Takeout Bid

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

, and raised the price target from $22.00 to $26.50. In the report, Wunderlich Securities noted, “We are raising our price target on AmREIT (AMRE) from $22 to $26.50 as AMRE accepted an offer from Edens Investment Trust to acquire AMRE in an all-cash transaction valuing AMRE at $26.55 in cash, a 21% premium to the $22/share offer from Regency Centers (REG-NR) that led to our initial downgrade from Buy to Hold on July 10. Edens Investment Trust is a retail real estate owner and developer and owns a $4.2 billion portfolio of urban retail centers. We applaud management and the board's capacity to maximize value for shareholders; based on our NAV estimate in the area of $19.25, this offer attributes nearly $130mm of value to AMRE's redevelopment opportunities, which will likely be harvested over the next four to five years.” AmREIT closed on Friday at $24.64.