Wunderlich Maintains Agree Realty at Buy on Q1 Capital Formation
Wunderlich Securities analyst Merrill Ross has published a research report on Agree Realty (NYSE: ADC) that maintained its Buy rating and $32.00 price target.
In the report, Wunderlich wrote, "Buy-rated Agree Realty (ADC) had a busy 1Q13 on the capital formation front, offering 1.8 million shares in mid-January that netted proceeds of $44.9 million. However, acquisition activity was muted relative to a strong finish in 2012, with only $14.9 million in acquisition announcements for the quarter. We are lowering our 2013 AFFO estimate based on revised timing of acquisition activity, which is the main earnings driver for this real estate operator. However, we are maintaining our $32 target, which is in line with our forward estimate of net asset value at year end."
Agree Realty closed Monday at $28.11.
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