Wall Street Sees a 22% Upside to Agree Realty Corporation (ADC)

Agree Realty Corporation (NYSE:ADC) is one of the best high growth stocks to consider. As of December 1, the average price target for ADC suggests an upside of nearly 10%, however, the Street high suggests an upside of 22%.

Previously, on November 25, Wells Fargo reiterated a Buy recommendation on Agree Realty Corp, along with a price target of $83.

In another business update, dated November 18, Agree Realty completed an unsecured $350 million, 5.5-year term loan due in May 2031. The term loan has an accordion feature, which means the company can borrow up to $500 million more. No amounts have been drawn yet, and the loan includes a 12-month delayed draw option. The company set up $350 million in forward-starting swaps to lock in the SOFR rate until the loan comes due in May 2031. With these swaps, the interest rate on the new term loan is now fixed at 4.02%.

Peter Coughenour, Agree Realty’s CFO, commented:

“We are very appreciative of the continued strong support of our bank group. This financing positions our Company for continued growth and further bolsters our best-in-class balance sheet which now has total liquidity of $2.2 billion. The Term Loan maintains our well-staggered debt maturity schedule, and we continue to have no material debt maturities until 2028.”

Agree Realty Corporation (NYSE:ADC) operates as a real estate investment trust that acquires and develops net-leased properties for major retail brands.

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