Agree Realty initiated with an Outperform at BMO Capital

BMO Capital analyst Eric Borden initiated coverage of Agree Realty with an Outperform rating and $69 price target. The firm ranks Agree number three of 11 net lease REITs in the firm’s Net Lease Composite Ranking as the analyst contends that the REIT’s portfolio of primarily investment grade rated tenants provides “safety amidst uncertainty” and that its low cost of capital can facilitate accretive acquisitions to drive above peer average AFFO per share growth.