Agree Realty Corp PT Raised to $32.00 at Wunderlich (ADC)
“Buy-rated Agree Realty reported 2012 results. Results for 4Q12 and FY 2012 came in above our estimates, at $0.50 and $1.85, respectively, as measured by cash available for distribution, or AFFO less principal repayments on debt. The company had a record year for new property acquisitions, investing over $81 million in 25 assets. Trending low interests rates allowed the company to secure $71.5 million in long-term debt at very low cost. Management’s ability to improve the portfolio by acquiring attractively priced assets and leveraging them at low cost will drive improved results in 2013. We are increasing our 2013E from $2.15 to $2.25 and our higher $32 target represents our revised estimate of forward net asset value.,” Wunderlich’s analyst wrote.
Separately, analysts at Compass Point reiterated a buy rating on shares of Agree Realty Corp in a research note to investors on Friday, January 25th. They now have a $31.00 price target on the stock.
Two research analysts have rated the stock with a buy rating, one has given an overweight rating, and one has issued a hold rating to the stock. The company presently has a consensus rating of overweight and a consensus target price of $30.75.
Shares of Agree Realty Corp traded up 0.03% during mid-day trading on Friday, hitting $28.73. Agree Realty Corp has a one year low of $20.61 and a one year high of $28.96. The stock’s 50-day moving average is currently $28.34. The company has a market cap of $321.3 million and a P/E ratio of 17.62.
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