Agree Realty price target lowered to $63 from $74 at RBC Capital

RBC Capital lowered the firm’s price target on Agree Realty to $63 from $74 but keeps an Outperform rating on the shares after its Q3 results. The company’s “do nothing” 2024 growth estimate of 3%+ screens positively versus RBC’s prior expectation, and the firm is “comfortable” underwriting a slightly higher growth rate in 2024, the analyst tells investors in a research note. RBC notes however that while its estates are little changed, its updated model includes a “dramatic reduction” in acquisition expectations and no equity issuance through the end of 2024.