UPDATE: Compass Point Raises PT on Agree Realty as Acquisitions Keep Pouring In
In a report published Friday, Compass Point analyst Wilkes Graham reiterated a Buy rating on Agree Realty Corporation (NYSE: ADC), and raised the price target from $34.50 to $36.00.
In the report, Compass Point noted, “We are reiterating our Buy rating on shares of ADC and raising our price target to $36.00 from $34.50. Our recent estimates and valuation have reflected our belief that the company can on an annual basis acquire $20M and develop $25M year for total annual external growth of $45M. The development pipeline appears to be on track, and could grow with additional preferred partners, but acquisitions have consistently exceeded our expectations and should lend to growth in both AFFO estimates and the dividend. ADC continues to execute on what has become one of the REIT industry's most successful external growth platforms, and we expect this success to ultimately result in a higher valuation and dividend.”
Agree Realty Corporation closed on Friday at $29.87.
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