Agree Realty initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Agree Realty (ADC) with an Outperform rating and $82 price target Agree has executed historically, enjoys a deep external growth opportunity set “backstopped by a rational capital allocation strategy” and has material liquidity with access to capital, says the analyst, arguing that the company “falls in the ‘haves’ camp among net lease REITs.”