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Analyst upgrades stock of Equity One

A BMO Capital Markets analyst on Friday raised the rating on shares of Equity One Inc., saying the real estate investment trust likely will reap rewards from its urban redevelopment projects.

THE OPINION: Analyst Paul Adornato said little development is expected in big cities over the next several years even as a recovering economy will boost demand for properties in these areas. Property owners and developers that are established in those markets will be able to take advantage of that demand.

Equity One's large-scale redevelopment opportunities in Westbury, Long Island, and the East Bay of San Francisco will buoy the REIT in 2012 and beyond.

Adornato upgraded the stock rating to "Outperform" from "Market Perform" and lifted the stock's price target to $23 from $19.

THE STOCK: Shares of the company lost 15 cents to $17.88 in afternoon trading.