UPDATE: UBS Starts Gaming and Leisure (GLPI) at Neutral
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(Updated - September 26, 2016 8:07 AM EDT)
UBS initiated coverage on Gaming and Leisure (NASDAQ: GLPI) with a Neutral rating and $35 price target.
Analyst Robin Farley commented, "We are on the side lines on GLPI. Acquisitions for gaming REITs will likely be larger and less frequent than the acquisition pipeline of the large triple net lease REITs. So while it may be appropriate to assume a certain level of acquisitions for large TNL REITs, it is more difficult to factor in lumpy potential gaming transactions, particularly for GLPI. The flip side of not having acquisitions assumed in our estimates is that GLPI could positively surprise by announcing a transaction. But we believe the lack of visibility should be reflected in the stock as well."
Shares of Gaming and Leisure closed at $34.00 yesterday.
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