Funtap/iStock via Getty Images Introduction Since first discovering Agree Realty ( ADC ), the stock has continued to impress me and defy odds despite growing economic uncertainty. ADC was actually the first stock I wrote about here on Seeking Alpha back in 2023. Since ADC has performed exceptionally, especially considering we've experienced rate hikes and see inflation remain higher for longer. Hi...
Funtap/iStock via Getty Images Introduction Since first discovering Agree Realty ( ADC ), the stock has continued to impress me and defy odds despite growing economic uncertainty. ADC was actually the first stock I wrote about here on Seeking Alpha back in 2023. Since ADC has performed exceptionally, especially considering we've experienced rate hikes and see inflation remain higher for longer. Higher interest rates, a headwind for many REITs, have not seemed to slow down ADC one bit. And their most recent earnings report reflects that. Still, the stock trades at a reasonable valuation if you're a long-term investor. Currently, ADC's forward P/AFFO multiple sits at 16.66x. Going forward, I believe they can trade anywhere between 18x and 20x once we see rates come down and more economic clarity, likely over the next year or two. In this article, I discuss Agree Realty's latest earnings, fundamentals, and why I remain bullish on this REIT long-term. Previous Buy Rating I last covered ADC after they reported their Q4 earnings in this article . Trading around $77 a share, I foresaw solid upside above $80 for ADC due to their strong growth, A-rated balance sheet, and growing dividend, which made them attractive for investors rotating back into the market seeking higher yields. Since then, the stock has been essentially flat, down a little over 1% compared to the S&P ( SP500 ), up closer to 5%. Seeking Alpha During Q4, ADC grew core FFO by 7.8% year-over-year and 5% for 2025. AFFO and revenue both grew 4.6% and 18.1%, respectively, driven by strong investment activity. With a price target of $81.64, a well-covered monthly dividend, and robust liquidity, I believed ADC was poised for strong upside amid lower interest rates. Growth Amid Uncertainty Positions Them Above Peers Agree Realty reported Q1 earnings last week and delivered another strong report, not to my surprise though. Although the macro environment has been tough for some REITs, ADC has positioned themselves we...
RichVintage/E+ via Getty Images Co-authored with Hidden Opportunities Popular Doesn’t Mean Suitable When you see a product on Amazon with a 4.7-star rating from thousands of customers, you get an immediate sense of confidence. It must be good. How can so many people be wrong? And to be fair, it probably is a good product. The ratings tell you the product is good quality, reliable, widely liked, an...
RichVintage/E+ via Getty Images Co-authored with Hidden Opportunities Popular Doesn’t Mean Suitable When you see a product on Amazon with a 4.7-star rating from thousands of customers, you get an immediate sense of confidence. It must be good. How can so many people be wrong? And to be fair, it probably is a good product. The ratings tell you the product is good quality, reliable, widely liked, and unlikely to disappoint the average buyer. But there’s a more important question most people forget to ask: Is it good for you? Does it solve your specific problem or meet your exact requirements? Because a highly rated product is often optimized for the average user, which may not match your needs. Take open-ear earbuds from Bose or Shokz. They’re among the best in their category, with consistently excellent reviews. However, these are no good if your use case is to use them in an aircraft. Without active noise cancellation, they struggle against the constant cabin noise. What works perfectly for outdoor runs or office use becomes almost unusable in flight. The 2-in-1 Problem Income and growth are often treated as two powerful but contrasting objectives in the investor community. Naturally, there is a quest to search for something that offers both. After all, a single investment that delivers both a growing income stream and strong capital appreciation would be the silver bullet, right? It sounds great. But in practice, “two-in-one” products tend to follow a familiar pattern: they promise everything… and rarely excel at anything. Think of 2-in-1 shampoo and conditioner. On paper, this is very convenient, but these products are often bad for hair health over the long term. The shampoo acts to strip oils and cleanse, while the conditioner adds moisture. Doing both simultaneously involves one counteracting the other. They can create residue buildup over time, weigh down hair, or fail to cleanse oiliness and moisturize hair sufficiently. Think of those hybrid Windows laptop-t...
Here are the biggest calls on Wall Street on Friday: Bank of America reiterates Apple as buy Bank of America says it sees a host of tailwinds for Apple following earnings on Thursday. "We remain bullish on shares of Apple h eading into the remainder of 2026 given (1) iPhone revenues are tracking better than expected with record upgraders, (2) gross margins continue to show strength despite commodi...
Here are the biggest calls on Wall Street on Friday: Bank of America reiterates Apple as buy Bank of America says it sees a host of tailwinds for Apple following earnings on Thursday. "We remain bullish on shares of Apple h eading into the remainder of 2026 given (1) iPhone revenues are tracking better than expected with record upgraders, (2) gross margins continue to show strength despite commodity headwinds, (3) AI enabled Siri will be available in 2026, (4) a foldable iPhone is expected this fall..." Read more. Bank of America downgrades Roblox to neutral from buy The bank says it's concerned about slowing demand following earnings. "While we acknowledge RBLX's ability to compress development costs, thereby compelling content velocity far in excess of the video game industry, the demand side of the platform has experienced a major stumble, the duration of which we have difficulty estimating." Citi reiterates CoreWeave as buy Citi raised its price target to $155 per share from $126. "The stars continue to align for AI infrastructure leaders like CRWV, and we estimate at least +35-40% QoQ backlog growth this Q as diversification across hyperscalers, AI labs, and enterprise de-risks customer concentration." Barclays reiterates SanDisk as overweight Barclays raised its price target on SanDisk t o $1200 per share from $750 following earnings. "The company is well positioned with zero debt and generating a significant amount of cash." Morgan Stanley reiterates Reddit as overweight Morgan Stanley says the stock is cheap following earnings on Thursday. "Remain OW, $240 PT with RDDT screening inexpensive on EBITDA and EPS." Needham initiates Alpha & Omega Semiconductor as buy Needham initiated the semis company and says it's firing on all cylinders. "We are initiating coverage of Alpha and Omega Semiconductor w ith a Buy rating and $50 price target. AOSL is entering a new growth cycle as end-market recovery sets in, AI data center adoption accelerates, and the company's s...
DaveAlan/iStock Unreleased via Getty Images Characterized as an airline that is asymmetrically and unfavorably exposed to the fuel shock impacting the airline industry, Alaska Air Group ( ALK ) was downgraded to Sell from Buy by Citi Research amid expectations that the carrier has misjudged the future price of jet fuel and has little leverage to compensate with higher passenger revenue. Alaska Air...
DaveAlan/iStock Unreleased via Getty Images Characterized as an airline that is asymmetrically and unfavorably exposed to the fuel shock impacting the airline industry, Alaska Air Group ( ALK ) was downgraded to Sell from Buy by Citi Research amid expectations that the carrier has misjudged the future price of jet fuel and has little leverage to compensate with higher passenger revenue. Alaska Air’s ( ALK ) $4.50 fuel guidance for the upcoming quarter was set at a near relative low, especially with West Coast spot jet fuel at risk of breaking $5. “Therefore, if ALK is in a situation where it will have to pay asymmetrically higher fuel prices for some time, the company needs a strategy for generating unusually high [revenue per available seat mile] growth vs. peers as well,” says Citi analyst John Godyn. “Unfortunately, recent results clearly demonstrate this isn’t the case,” Godyn adds, given that ALK is both a fuel exposure underperformer and RASM growth underperformer, especially given ALK’s relatively insufficient capacity cuts as it relates to the fuel shocks. By Godyn’s definition, a “supermajor” airline has strong premium product offerings, international exposure, value-added services, and less price-elastic passengers. And as a “supermajor” airline, Alaska Air Group ( ALK ) should be better positioned to drive RASM higher through the fuel shock. But Godyn believes ALK has demonstrated through this earnings season that the carrier is not in the supermajor cohort, “and we expect this theme to continue as long as the fuel shock is pressuring the industry,” he says. While ALK management believes it has a strong chance of reaching $10 EPS in 2027, Godyn suspects this target will be revisited this year. And management’s reluctance to address this overly ambitious target is creating a severe risk of the street maintaining a bullish consensus, as well as creating an overhang for the stock. “To us it appears inevitable that $10 in 2027 isn’t realistic, and we expect m...
Luis Alvarez Equity markets are underpricing geopolitical risks even as bond and commodity markets show signs of distress, according to Joachim Clement, head of strategy at Panmure Liberum. Despite an ongoing war in the Middle East and oil prices recently spiking to $126 a barrel, the S&P 500 ( SP500 ) and Nasdaq ( COMP:IND ) posted their best monthly gains since 2020 in April. “I think equity mar...
Luis Alvarez Equity markets are underpricing geopolitical risks even as bond and commodity markets show signs of distress, according to Joachim Clement, head of strategy at Panmure Liberum. Despite an ongoing war in the Middle East and oil prices recently spiking to $126 a barrel, the S&P 500 ( SP500 ) and Nasdaq ( COMP:IND ) posted their best monthly gains since 2020 in April. “I think equity markets are too complacent,” Clement said in an interview with CNBC. “If you look at bond markets and the movements in treasuries, gilt yields, German bonds, etc., it looks a little bit more like their hair is on fire. And if you ask any commodity trader these days, their hair is definitely on fire.” While acknowledging the disconnect between equity and bond markets, Clement believes bond yields have overshot and are currently too high. This presents opportunities in long-duration equities, particularly in sectors like utilities and real estate that would benefit if long-term yields decline. He noted that investors are largely focused on the AI trade and strong tech earnings rather than geopolitical concerns. The strategist expressed caution about hyperscalers despite the ongoing tech rally. “The moment the CapEx guidance explodes, investors really don’t like it,” he said, warning that higher energy prices and memory chip costs will eventually catch up with these companies. He sees better opportunities in the software space and hardware-focused companies like Apple that are less capital expenditure-dependent. Regarding monetary policy, Clement remains confident the Federal Reserve will cut interest rates in the second half of the year. He pointed to signs that the U.S. economy is struggling outside the tech sector, with households and businesses grappling with high-energy prices and weak job market conditions. The incoming Fed chair, Kevin Walsh, is expected to shift focus toward full employment and supporting the labor market. For European markets, Clement noted that the ECB ...
In this article JPY= Follow your favorite stocks CREATE FREE ACCOUNT Bird's-eye view of central Tokyo including Tokyo Tower at sunrise hours. Vladimir Zakharov | Moment | Getty Images The Japanese yen surged against the dollar on Friday, extending gains that came the previous day after officials in Tokyo said they stood ready to intervene in the foreign exchange market. Friday saw the Japanese cur...
In this article JPY= Follow your favorite stocks CREATE FREE ACCOUNT Bird's-eye view of central Tokyo including Tokyo Tower at sunrise hours. Vladimir Zakharov | Moment | Getty Images The Japanese yen surged against the dollar on Friday, extending gains that came the previous day after officials in Tokyo said they stood ready to intervene in the foreign exchange market. Friday saw the Japanese currency rise as much as 0.7% versus the greenback, extending a Thursday rally that saw it jump by as much as 3% against the dollar. By 5:35 a.m. ET, the yen had pared a lot of Friday's gains, but erased the losses incurred since the U.S.-Iran war began on Feb. 28. Stock Chart Icon Stock chart icon USD/JPY On Thursday, Reuters reported that Japanese officials had stepped in to prop up the faltering yen by buying the currency, citing anonymous sources. "I won't comment on what we'll do ahead. But I will tell you that Japan's Golden Week holidays have just started," Japan's top foreign exchange diplomat Atsushi Mimura later told reporters , according to the news agency, fueling speculation that further intervention was in the cards. It came after Japanese Finance Minister Satsuki Katayama's said on Thursday that officials were nearing "decisive action" in the FX market, as the yen fell to a 1-year low of around 160.72 against the dollar. A weak yen can provide a boost to the domestic economy — for example, by making Japanese goods more attractive to overseas buyers. But it can also have adverse effects, such as making imports more expensive — exacerbating a key problem the country is facing as the conflict in the Middle East drags on. Japan is a net importer of oil, with more than 90% of its crude oil imports sourced from the Middle East. The spike in oil prices prompted by the effective closure of the Strait of Hormuz, a critical shipping route that has been a central point of contention throughout the two-month Iran war, has fueled concerns about the outlook for Japan's econom...