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UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Agree Realty Corporation

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

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Agree Realty Corporation (NYSE: ADC), and slightly raised its price target from $25.00 to $26.00.

BMO Capital noted, “We're raising our 2012 and 2013 FFO estimates by $0.02 and $0.08 to $2.03 and $2.10, respectively, reflecting lower operating expenses owing to recent leasing and sales of vacant Borders' properties. Our revised NAV estimate of $27.40 assumes an 8.25% cap rate, 25 bp lower than our prior assumption, reflecting continued improvement in portfolio quality as ADC divests noncore assets (three legacy shopping centers and three Borders properties year-to-date) in favor of newly developed properties leased to high credit tenants.”

Agree Realty Corporation closed on Tuesday at $25.42.

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: BMO Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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