JMP Securities downgraded Agree Realty (ADC) to Market Perform from Outperform without a price target The firm believes the shares are fairly valued. Agree maintains one of the healthiest balance sheets in the sector, but it trades at one of the highest multiples in the net-lease real estate investment trust sector, which fairly captures its portfolio quality, growth prospects, and “best-in-class” balance sheet, the analyst tells investors in a research note.
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