UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Agree Realty Corporation on Strong 2012 Results

In a report published Friday, Wunderlich Securities reiterated its Buy rating on Agree Realty Corporation

, and raised its price target from $30.00 to $32.00. Wunderlich Securities noted, “Buy-rated Agree Realty reported 2012 results. Results for 4Q12 and FY 2012 came in above our estimates, at $0.50 and $1.85, respectively, as measured by cash available for distribution, or AFFO less principal repayments on debt. The company had a record year for new property acquisitions, investing over $81 million in 25 assets. Trending low interests rates allowed the company to secure $71.5 million in long-term debt at very low cost. Management's ability to improve the portfolio by acquiring attractively priced assets and leveraging them at low cost will drive improved results in 2013. We are increasing our 2013E from $2.15 to $2.25 and our higher $32 target represents our revised estimate of forward net asset value.” Agree Realty Corporation closed on Thursday at $28.07.