BTIG Starts Agree Realty (ADC) at Buy

BTIG analyst Michael Gorman initiates coverage on Agree Realty (NYSE: ADC) with a Buy rating and a price target of $74.00.

The analyst commented, "Agree is a best-in-class Free Standing REIT focused on partnering with large national tenants in its portfolio. The company has developed a strong reputation for external growth through acquisitions over the past 10 years as well as portfolio quality. Additionally, the company's focus on large, oftentimes investment-grade tenants has served it well in the COVID-19 pandemic. The company collected 91% of tenant rents in 2Q20 and 99% in September, ahead of the peer group average. Moreover, the company's shares have outperformed materially in 2020, giving Agree a competitive cost of capital that should allow it to take advantage of opportunities in the acquisitions market. We think the quality of the portfolio and the potential for external growth both warrant a premium valuation. We base our $74 PT on a 21.6x multiple of 2021 FFO/sh and a 38% premium to our NAV estimate."

For an analyst ratings summary and ratings history on Agree Realty click here. For more ratings news on Agree Realty click here.

Shares of Agree Realty closed at $67.00 yesterday.

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