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UPDATE: Compass Point Initiates Agree Realty Corporation with Buy, $28 PT on Aggressive Asset Strategy

Related ADC
Agree Realty Reports Exercise of Underwriters' Option to Shares: Total Offering ~2.588M Shares for Gross Proceeds ~$76.8M
UPDATE: Agree Realty Announces 2.1M Common Stock Offering

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.

Latest Ratings for ADC

DateFirmActionFromTo
May 2014WunderlichUpgradesHoldBuy
Nov 2013Compass PointMaintainsBuy
Oct 2013Raymond JamesUpgradesMarket PerformOutperform

View More Analyst Ratings for ADC
View the Latest Analyst Ratings

Posted-In: Compass PointAnalyst Color Initiation Intraday Update Analyst Ratings

 

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