Agree Realty initiated with an Overweight at Wells Fargo

Wells Fargo analyst Connor Siversky initiated coverage of Agree Realty with an Overweight rating and $70 price target. The REIT, which “seeks to cultivate a recession-resistant Net Lease portfolio tenanted by e-commerce resistant operators,” is the firm’s Top Pick in Net Lease REITs, the analyst tells investors. Agree offers a combination of a defensive tenant roster and strong cost of capital, which “can facilitate meaningful AFFO growth,” the analyst argues.