Stifel analyst Simon Yarmak lowered the firm’s price target on Agree Realty to $76 from $77.50 and keeps a Buy rating on the shares after Agree announced that the company had received commitments for an unsecured $350M term loan. Given that management expressed earlier this month at NAREIT that they preferred bank debt with medium tenure as they’re seeing better pricing in this type of debt, the firm is “not surprised with this evening’s announcement,” the analyst tells investors.
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