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

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Agree Realty Corporation

, 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.