FBRCapital Markets & Co. analyst David Corak initiated coverage of with a ratingof "outperform," and a price target of $56.

The analyst wrote in a research report: "We believeAgree's strategy is unique and positions the company to capitalize on a rangeof net lease environments over the next several years. This should translateinto stronger AFFO — and ultimately a higher valuation. We believe investorscould be rewarded for the company's robust pipeline of accretive acquisitionopportunities, along with internal development and the opportunistic PartnerCapital Solutions program."