Analyst Eric Borden from BMO Capital maintained a Buy rating on Agree Realty (ADC – Research Report) and keeping the price target at $81.00.
Eric Borden has given his Buy rating due to a combination of factors that highlight Agree Realty’s strong financial performance and strategic positioning. The company’s adjusted funds from operations per share (AFFOps) for the first quarter of 2025 exceeded expectations by one cent, and its acquisition volumes were notably strong, showing a significant year-over-year increase. This performance led to an upward revision of the full-year AFFOps guidance, indicating confidence in future earnings.
Moreover, Agree Realty’s cost of capital has decreased, enhancing its acquisition spreads, and the company has demonstrated resilience amidst macroeconomic uncertainties with a defensive portfolio. The investment-grade tenant exposure provides stability, despite a slight decline in occupancy rates. Additionally, the company has increased its monthly dividend, reflecting a commitment to returning value to shareholders. These elements combined support the Buy recommendation.
In another report released today, Truist Financial also maintained a Buy rating on the stock with a $77.00 price target.