Compass Point Reiterates a 'Buy' on Agree Realty (ADC); Q2 Review: Acquisitions and Portfolio De-Risking
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Price: $73.98 -0.63%
Rating Summary:
22 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
22 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Compass Point reiterates a 'Buy' on Agree Realty (NYSE: ADC) price target of $28.00.
Analyst, Wilkes Graham, said, "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."
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 $23.60 yesterday.
Analyst, Wilkes Graham, said, "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."
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 $23.60 yesterday.
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