Compass Point analyst Wilkes Graham reiterated a Buy rating and $36.50 price target on Agree Realty (NYSE: ADC) following results.

Graham commented, "ADC reported 1Q15 AFFO per share of $0.57, in-line with our estimate of $0.57. The Company acquired $59.7M during the quarter, and completed the sale of one non-core asset in Waynesboro, VA for approximately $1.04M. Management continues to execute on their acquisition strategy, and are on track to potentially surpass their own previously disclosed acquisition volume guidance of $175M-$200M. As such, we now assume that the Company acquires $175M in 2015 (versus $150M previously), which suggests the Company needs to acquire approximately $38M/quarter for the remainder of the year- which seems feasible given the Company's average quarterly acquisition volume over the past four quarters of roughly $46M. We continue to see upside in the stock at current levels given Management's ability to consistently source accretive acquisitions and developments, and our price target represents a total return of over 20%."

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Shares of Agree Realty closed at $31.82 yesterday.