On Jan 08, major Wall Street analysts update their ratings for $Agree Realty Corp (ADC.US)$, with price targets ranging from $75 to $81.
Morgan Stanley analyst Ronald Kamdem maintains with a buy rating, and maintains the target price at $75.
Evercore analyst James Kammert maintains with a buy rating, and maintains the target price at $80.
Stifel analyst Simon Yarmak maintains with a buy rating, and adjusts the target price from $81.5 to $81.
JMP Securities analyst Mitchell Germain downgrades to a hold rating.
Furthermore, according to the comprehensive report, the opinions of $Agree Realty Corp (ADC.US)$'s main analysts recently are as follows:
Confidence in Agree Realty's growth potential has increased, largely due to their ability to drive AFFO growth through accelerating acquisitions that are seen as reasonably valued. The anticipation of acquisitions worth $1.2 billion in 2025 is expected, supported by a clearer view on funding through outstanding forward equity, which is projected to fuel AFFO growth of 5% in 2025 and 5.6% in 2026.
The firm maintains an equal-weight view on REITs into 2025, acknowledging a mixed macroeconomic environment. Stock valuations are considered fair on absolute terms; however, they appear expensive when compared to fixed income alternatives. Analysts also suggest that REIT fundamentals could be sluggish with a potential change expected around fiscal 2026.
Agree Realty's disclosure of a 2024 acquisition volume of $867M was noted to surpass the previously expected $850 million for FY24, as addressed in their Q3 earnings call.
The 2024 acquisition volumes for Agree Realty slightly exceeded guidance and estimates, with cap rates aligning as expected. For 2025, the investment volume guidance is roughly 10% under previous estimates. Typically, Agree Realty begins the year with conservative figures but tends to increase these projections as the year progresses. Additionally, rising capital costs have led to a decrease in the forecast for FY26 FFO.
The net lease group experienced a weaker performance, particularly in Q4, and FY24 sector performance lagged behind the broader REIT index, recording a 2% gain for the net lease sector compared to 4.9% for the REITs overall.
Here are the latest investment ratings and price targets for $Agree Realty Corp (ADC.US)$ from 4 analysts:
Note:
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