Truist Financial analyst Ki Bin Kim maintained a Buy rating on Agree Realty (ADC – Research Report) today and set a price target of $77.00.
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Ki Bin Kim’s rating is based on several compelling elements that highlight Agree Realty’s strategic positioning and operational execution. The company issued a 2025 AFFO per share guidance that is mostly in line with expectations, indicating a stable growth trajectory. This guidance reflects a year-over-year growth rate of 3.6%, suggesting consistent performance amidst market conditions.
Additionally, Agree Realty’s recent acquisitions, particularly in the fourth quarter of 2024, amounted to $341 million at a favorable cap rate of 7.5%. This demonstrates the company’s disciplined approach to capital allocation and its ability to secure advantageous deals. Furthermore, the investor deck provides valuable insights into the company’s strategic decisions, such as the reduction of exposure to Walgreens and diversification into other retail sectors, enhancing its resilience. The case study on ground lease renewal with Chase Bank showcases a significant recapture rate, underscoring the potential for lucrative ground lease economics within their portfolio.
Bin Kim covers the Real Estate sector, focusing on stocks such as Prologis, Eastgroup Properties, and Americold Realty. According to TipRanks, Bin Kim has an average return of 9.3% and a 63.58% success rate on recommended stocks.
In another report released on January 28, RBC Capital also assigned a Buy rating to the stock with a $79.00 price target.