Market Overview

Wunderlich Securities Adjusts Estimates For 2Q14 Acquisitions For Agree Realty

Related ADC
Agree Realty Gets The Nod Of Approval From Janney
Here Are All The CEOs Benzinga Spoke With In 2016

In a report published Wednesday, Wunderlich Securities analyst Craig Kucera reiterated a Buy rating and $34.00 price target on Agree Realty (NYSE: ADC).

In the report, Wunderlich Securities noted, “We are reducing our FY14 AFFO estimate by $0.01 given a more modest ($12.5mm vs. $16.7mm) acquisition volume than expected for Agree Realty (ADC) in 2Q14 but we are maintaining our annual acquisition estimate in the $75mm+ range; as such, our FFO estimates for the company are unchanged. ADC continues to maintain considerable balance sheet potential while acquiring single tenant retail assets occupied by investment grade tenants.

"Our $34 price target values ADC at an in-line (13.5x) 2015 AFFO multiple and a discount to our NAV and DCF valuations in the ~$35 range. The market is not differentiating for ADC's quality tenant base or underlevered balance sheet and incremental acquisition potential; as such, we maintain our Buy rating.”

Agree Realty closed on Tuesday at $30.54.

Latest Ratings for ADC

Oct 2016FBR CapitalInitiates Coverage OnOutperform
Jul 2016JefferiesMaintainsBuy
Jul 2016Stifel NicolausInitiates Coverage onBuy

View More Analyst Ratings for ADC
View the Latest Analyst Ratings

Posted-In: Craig Kucera Wunderlich SecuritiesAnalyst Color Reiteration Analyst Ratings


Related Articles (ADC)

View Comments and Join the Discussion!