BTIG analyst Michael Gorman has maintained their bullish stance on ADC stock, giving a Buy rating today.
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Michael Gorman has given his Buy rating due to a combination of factors including Agree Realty’s strong financial performance and positive outlook. The company reported impressive results for the fourth quarter, with AFFO per share exceeding both his and the consensus estimates. Additionally, the annual results were at the high end of their guidance, indicating robust financial health.
Looking ahead, Agree Realty’s management has introduced optimistic guidance for FY2025, anticipating continued growth. The company plans significant acquisitions which are expected to enhance its investment portfolio. These strategic moves, coupled with solid AFFO performance, underpin Gorman’s positive assessment and justify the Buy rating.
According to TipRanks, Gorman is a 4-star analyst with an average return of 5.1% and a 51.01% success rate. Gorman covers the Real Estate sector, focusing on stocks such as Agree Realty, Regency Centers, and Equity Residential.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a $81.00 price target.