UBS upgraded Agree Realty (ADC) to Buy from Neutral with a price target of $84, up from $79. The firm has increased confidence in Agree Realty’s ability to drive AFFO growth through accelerating acquisitions at a reasonable valuation, the analyst tells investors in a research note. UBS is modeling acquisitions in 2025 of $1.2B, driven by increased visibility into funding through outstanding forward equity, which should fuel AFFO growth of 5% in 2025 and 5.6% in 2026.
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