Morgan Stanley downgraded Agree Realty (ADC) to Equal Weight from Overweight with an unchanged price target of $75. The analyst has “incremental caution” on dollar stores, pet supplies. and off-price retail heading into the Q2 reports for the triple net real estate investment trusts. The firm cites valuation for the downgrade of Agree Realty, saying the company’s best-in-class portfolio is now reflected in its premium valuation.
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