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Wunderlich Securities Inc. raises Cedar Realty Trust to 'buy'

Wunderlich Securities Inc. analyst raised hisinvestment opinion of Cedar RealtyTrust Inc. to "buy" from "hold," and increasedhis price target to $8 from $7.50.

The analyst wrote in a research report: "We believeCDR's near-term weakness in fundamentals will improve over the next 12 months,leading to a normalized level of 3%+ SS NOI, which the market is overlydiscounting as CDR trades at a 20%+ discount to its peer group of shopping centerREITs. While acquisition volume may pick up, we see 2016 as a continuation of deleveragingand we expect leverage ratios to continue to decline to a ~39%/6.6x EBITDA. OurNAV of $8.15 values the portfolio at a 7% cap rate on a normalized occupancy(1Q17E) basis and our target represents 98% of NAV vs. peers trading at 105%;this represents an inline 2016E FFO multiple (14.3x) with similarly sizedpeers."