BTIG analyst Michael Gorman downgraded Agree Realty (ADC) to Neutral from Buy without a price target Agree has had “substantial success” in 2024 and 2025, benefiting from a flight to quality in a volatile market, the analyst tells investors in a research note. However, as a result, the stock’s relative multiple premium has expanded almost 10-times since the end of Q1 of 2024, adds BTIG. The firm says the shares now trade near a 37% premium to the peer group. BTIG continues to like Agree’s portfolio and “clean” balance sheet, but believes these benefits are substantially represented at current share levels.
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