Agree Realty price target raised to $81 from $78 at Wells Fargo

Wells Fargo raised the firm’s price target on Agree Realty (ADC) to $81 from $78 and keeps an Overweight rating on the shares. The firm notes the week was full of headlines, from the current administration’s back-and-forth on tariffs, to a modestly weak jobs report driven by a federal hiring freeze, both of which put pressure on the broader market. However, the risk-off tape has made net lease a near-term hideout. In this environment, Wells continues to prefer the names with quality credit tenants and strong coverage profiles that also have enough spread to rates on their costs of capital for accretive investment that can weather volatility and drive upside to guidance.