JMP Securities analyst Mitch Germain downgraded Agree Realty to Market Perform from Outperform without a price target. The company’s earnings growth prospects are slowing and the shares are trading at a roughly three-multiple premium to the net-lease real estate investment trust sector average, the analyst tells investors in a research note. As such, the firm sees Agree Realty as fairly valued with little potential for further expansion, particularly since management is guiding to a potential moderation in deployment volumes.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on ADC: