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UPDATE: Compass Point Raises PT on Agree Realty as Acquisitions Keep Pouring In

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

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.

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: Compass Point Wilkes GrahamAnalyst Color Price Target Analyst Ratings

 

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