UPDATE: UBS Starts MGM Growth Properties (MGP) at Buy
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(Updated - September 26, 2016 7:59 AM EDT)
UBS initiated coverage on MGM Growth Properties (NYSE: MGP) with a Buy rating and $28 price target.
Analyst Robin Farley commented, "MGP's growth drivers include: ~$60M of rental revenue coming from lease escalators & ~$160M of rent coming from MGP's potential acquisition of Maryland & Springfield projects. Given the factors we note above, we value MGP at lower end of historic range for triple net lease names, and GLPI at a discount to that based on historic discount that other Triple Net Lease names trade relative to the 2 largest & most premium."
Shares of MGM Growth Properties closed at $26.18 yesterday.
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