Agree Realty price target raised to $80 from $68 at KeyBanc

KeyBanc raised the firm’s price target on Agree Realty to $80 from $68 and keeps an Overweight rating on the shares. Sentiment across the Triple Net lease REITs has materially improved since July 11, with the subsector outperforming the broader REIT sector by 270 basis points, the analyst tells investors in a research note. The firm believes Agree Reality is well positioned with a well capitalized balance sheet to fund an acceleration in acquisition activity as investment spreads improve and says that its strong IG-rated tenant profile, limited tenant credit headwinds, and below average leverage with no near-term debt maturities until 2028 should support steady earnings growth in various economic scenarios.