Agree Realty

ADC · NYSE

$67.08+$1.26 (+1.91%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $65.82

ADC analyst rating

BuyConsensus of 15 analysts over the last 12 months. 73% rate it a buy.

Strong buy0
Buy11
Hold4
Underperform0
Sell0

12-month price target · 19 analysts

Average $85.45 (+27.4% upside)

Low: $72.72
Now: $67.08
High: $97.65

Upgrades and downgrades

The latest rating actions, newest first

ADC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 20, 2026	Maintains	Equal-Weight	$85.00 → $76.00	38%
Wells Fargo	Oct 19, 2026	Maintains	Overweight	$83.00 → $79.00	48%
Truist Securities	Oct 2, 2026	Initiates	Buy	$82.00 → $75.00	54%
Evercore ISI Group	Sep 21, 2026	Maintains	Outperform	$87.00 → $85.00	27%
Stifel	Sep 18, 2026	Maintains	Buy	$84.00 → $81.50	54%
Mizuho	Sep 17, 2026	Maintains	Neutral	$80.00 → $72.00	44%
Barclays	Jul 22, 2026	Maintains	Equal-Weight	$84.00 → $85.00	38%
Jefferies	Jun 1, 2026	Initiates	Buy	$92.00 → $84.00	33%
Barclays	May 19, 2026	Maintains	Equal-Weight	$86.00 → $84.00	38%
Mizuho	May 13, 2026	Maintains	Neutral	$86.00 → $80.00	44%

The case for and against

Updated Oct 11, 2026

Bull case

Agree Realty is well positioned by a low cost of capital, strong liquidity, and a very strong balance sheet that support a disciplined acquisition strategy and reduce financing risk. Its portfolio is viewed as the highest quality in net lease, anchored by leaders such as Walmart, 7-Eleven, Wawa, and Gerber Collision, with high investment grade and public tenant weightings that help limit downside through e-commerce and recession-resistant retail exposure. The company also delivered 1Q26 AFFO/sh of $1.14, a 3% beat, with investment volumes of $424mm, bad debt of 14 bps, and enough forward equity and debt capacity to fund more than a year of investments at the current pace.

Bear case

Agree Realty is facing a fundamental valuation and growth challenge because its net lease model depends on maintaining a rapid acquisition pace and strong investment spreads, yet a higher cost of capital can quickly compress returns. The recent $400 million senior unsecured notes due 2036 priced at a 5.849% effective yield, even after swaps lowered the all-in rate to about 5.36%, still highlights meaningful financing friction that could pressure AFFO growth and capital deployment. Its large exposure to economic trends, inflation risk, and tenant credit concentration leaves results vulnerable if commercial real estate fundamentals weaken or acquisition activity slows.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.