Agree Realty, the Real Estate sector company, was revisited by a Wall Street analyst today. Analyst Eric Borden from BMO Capital downgraded the rating on the stock to a Hold and gave it a $86.00 price target.
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Eric Borden has given his Hold rating due to a combination of factors tied to valuation and relative opportunity. He views Agree Realty as a fundamentally solid, defensive net-lease REIT with an investment-grade tenant base, conservative balance sheet, and ample liquidity, but believes the current share price already embeds this quality through a rich multiple.
He notes that incremental acquisition-driven AFFO growth looks modest, and that cash NOI yields trail those of peers, limiting upside from new investments. In his view, a closely comparable name, NETSTREIT, offers a similar growth trajectory and portfolio profile at a meaningfully lower valuation, leading him to see better risk‑reward elsewhere and to justify only a Market Perform stance on ADC.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADC in relation to earlier this year.