Mizuho analyst Haendel St. Juste downgraded Agree Realty to Neutral from Buy with a price target of $61, down from $67. The analyst cites the company’s elevated weighted average cost of capital and relatively full valuation for the downgrade. The firm remains constructive on triple nets real estate investment trusts and believes the stocks can work into fiscal 2024 given improving WACC tailwinds, capital rotation into long duration, and potential earnings upside if rates do not come back to the 5% we saw earlier this fall.
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