Compass Point reiterated a Buy rating on Agree Realty (NYSE: ADC), and raised the price target to $36.00 (from $34.00), following the company's 2Q15 earnings results. ADC reported AFFO per share of $0.60, in-line with the Street’s consensus. Management continues to execute on their acquisition strategy, acquiring 15 net lease properties for an aggregate purchase price of $36.9M.

Analyst Wilkes Graham commented, "We reiterate our Buy rating on shares of ADC and raise our price target to $36.00 from $34.00 to account for a slightly higher NAV estimate and multiple expansion in the $500M-$1B market cap range. On 10/26/15 ADC announced 2Q15 earnings with AFFO per share of $0.60, beating our estimate of $0.59. Management continues to execute on their acquisition strategy, acquiring 15 net lease properties for an aggregate purchase price of $36.9M, and remain on track to acquire between $175M-$200M in FY15. The Company satisfied equity needs in 3Q15 with the sale of 4 assets for $19.8M and the issuance of 848.5k shares for gross proceeds of $25.5M (via its ATM program). Further, Debt/EBITDA currently sits at the low end of management’s 4x-6x comfort range. As a result, we have moved our modeled $40M raise in 3Q15 to $75M in 2Q16."

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Shares of Agree Realty closed at $32.96 yesterday.