JMP Securities analyst Mitch Germain upgraded Agree Realty to Outperform from Market Perform with a $71 price target. Agree Realty offers both offensive and defensive qualities supporting a more favorable investment opinion, the analyst tells investors in a research note. The company’s leverage profile is among the lowest in the net-lease real estate investment trust sector, while its diversified investment strategy, recently expanded to include development funding and sale-leaseback, should deliver healthy volumes as cost of capital improves, says JMP. The firm says the shares trade at a two multiple turn premium, compared to a historical premium of four multiple turns.
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