Mizuho raised the firm’s price target on Agree Realty (ADC) to $80 from $75 and keeps a Neutral rating on the shares as part of a broader research note. The firm is turning less constructive on Triple Net REITs as expectations of higher inflation and a “higher for longer” rate environment should weigh on the sector’s investment spreads and growth potential, marking the end of the “pivot party”, the analyst tells investors in a research note. Mizuho adds however Agree Realty stands apart as it has pre-funded its acquisition pipeline, with the management team having issued forward equity to lock in today’s stock price.
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