Agree Realty stock price target cut, outperform on acquisitions By Investing.com
On Tuesday, RBC Capital Markets adjusted its price target for Agree Realty Corporation (NYSE:) shares, lowering it to $79 from the previous $80 while maintaining an Outperform rating. Currently trading at $70.42 with a market capitalization of $7.27 billion, ADC appears to be trading above its InvestingPro Fair Value. The revision came after the firm’s analysis of the real estate investment trust’s (REIT) recent acquisitions and future investment guidance.
Agree Realty’s 2024 acquisition volumes modestly exceeded both the company’s guidance and RBC Capital’s estimates. The REIT acquired properties worth $867 million in 2024, surpassing the anticipated $850 million.
In the fourth quarter of 2024 alone, Agree Realty’s acquisitions totaled…
