Jefferies assumed coverage of Agree Realty with a Buy rating and price target of $84, down from $92. The firm assumed coverage of the retail net lease real estate investment trusts with a positive outlook. Executing on investment pipelines will drive a re-rating to historical valuation multiples, the analyst tells investors in a research note. Jefferies says the net lease group trades at the third-highest discount to the 10 year-average in the REIT space. This places net lease in the \"same cohort as secular challenged sectors\" such as office and lab despite \"intact fundamentals,\" the firm contends.
