Agree Realty (ADC) PT Raised to $70 at RBC Capital

RBC Capital analyst Brad Heffern raised the price target on Agree Realty (NYSE: ADC) to $70.00 (from $63.00) while maintaining a Outperform rating.

The analyst comments "2Q24 results showed ADC returning to a more aggressive mindset, with increased acquisition guidance, significant capital raising activity and a muchimproved cost of capital. However, we think much of this likely should have been obvious before the report, while the 2Q24 beat and guidance increase were largely due to one-off lease termination income. Even so, our estimates are up by 1% and our price target is higher (to $70 from $63), largely on the lower cost of capital."

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