UPDATE: Morgan Keegan Raises PT to $5 on Cedar Shopping Centers

Morgan Keegan remains Market Perform-rated on Cedar Shipping Centers (NYSE: CDR) and raises its price target by 75 cents to $5 following solid Q4 operating trends.

Morgan Keegan says, "During 4Q 2011, CDR executed 52 new and renewal leases aggregating approximately 228k SF of space—at an average lease term of 10.5 years. The 4Q total included 31 renewals for approximately 82k SF; leases were signed at a positive 5.1% average (cash) rental rate increase. Cedar has now achieved positive renewal rate spreads in 32 of the last 33 quarters."

CDR closed at $4.90 a share on Friday.