Agree Realty price target lowered to $79 from $80 at RBC Capital

RBC Capital analyst Brad Heffern lowered the firm’s price target on Agree Realty (ADC) to $79 from $80 and keeps an Outperform rating on the shares after its 2025 investment volume update. RBC notes that 2024 acquisition volumes came in slightly above guidance and the firm’s estimate while the cap rate was in line, but 2025 investment volume guidance is about 10% below its prior estimate, though Agree Realty typically starts the year conservatively and works the guidance higher, the analyst tells investors in a research note. Higher cost of capital is reducing the firm’s FY26 FFO view by 3c to $4.56, RBC adds.