UPDATE: Compass Point Reiterates Buy on Agree Realty Corporation; $28 PT - Agree Realty (NYSE:ADC)

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Compass Point maintained a Buy rating on Agree Realty Corporation (NYSE: ADC) and a $28 price target.Compass Point wrote, “The company reported a strong 2Q12 that was slightly better than our estimates, a quarter that included the previously announced reduction of Kmart exposure as well as $22 million more in acquisitions. The company has aggressively ramped up its acquisition platform over the past few years and already stands at $48 million YTD. We continue to expect the company's longstanding discount to NAV implied in the current share price to dissipate as the company's more recent growth strategy is communicated to investors, its exposure to Kmart is futher reduced to 7% from 10% currently, and the company's float increases through future accretive equity raises.”Agree Realty Corporation closed at $23.60 on Thursday.

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