UPDATE: Compass Point Initiates Agree Realty Corporation with Buy, $28 PT on Aggressive Asset Strategy
Compass Point initiated coverage on Agree Realty Corporation (NYSE: ADC) with a Buy rating and a price target of $28 a share.
Compass Point noted, "After years of sleepy growth and the sizeable Borders speed bump, management's recent shift to a more aggressive asset management strategy is solving several long running problems for the company. First, the near elimination of Borders from the portfolio and the continuing reduction of Kmart is improving the credit quality of the $1.60 dividend. Further, the recent ramp up in acquisitions on top of a successful long-term development strategy is resulting in a growing company that should result in more investor interest and a greater float in the future."
Agree Realty Corporation closed at $22.97 on Monday.
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