Jefferies Starts Agree Realty (ADC) at Buy

Jefferies initiates coverage on Agree Realty (NYSE: ADC) with a Buy rating and a price target of $45.00.

Analyst George Hoglund commented, "Over the past two years, ADC has grown rapidly through acquisition, which has resulted in a more diversified portfolio and a solidly growing dividend. We think continued portfolio growth while maintaining low leverage and improving access to capital will drive multiple expansion and narrow the valuation gap to peers. We are initiating with a Buy Rating and a $45 PT."

NOTE: Jefferies was a book manager in ADC's December 2015 common equity offering.

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 $39.14 yesterday.

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