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Wunderlich Maintains Agree Realty at Buy on Q1 Capital Formation

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

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.

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: Wunderlich SecuritiesAnalyst Color Reiteration Analyst Ratings

 

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