JMP Securities Reiterates Market Outperform Rating on VICI Properties Inc. (VICI)

JMP Securities analyst Mitch Germain reiterated a Market Outperform rating and $35.00 price target on VICI Properties Inc. (NYSE: VICI).

The analyst said, “VICI Properties has witnessed a meaningful shift in its deployment strategy of late, with increased emphasis on financing transactions over traditional acquisitions, though we believe the company has ample opportunity to continue to expand its portfolio in a highly accretive fashion; maintain Market Outperform rating and $35 price target (15x 2025E AFFO/ share). The volatile interest rate backdrop and continued stable casino operator performance has slowed acquisition activity, as the bid-ask spread has widened. This has shifted recent emphasis to solving funding needs for casino and lifestyle/experiential operator growth; recent examples include Great Wolf and the Venetian refresh."

Furthermore, he added, "Looking out, with several purchase rights embedded within its investments, New York casino decision on the horizon, and increased diligence outside the U.S., VICI continues to have ample opportunity to complement the compounding growth from its leases with upside from deployment. The stock remains a favorite, with a first-class portfolio, highly transparent management team, ample liquidity, and proven cash flows; shares trade at 12.8x forward AFFO/share, in line with net-lease REITs, though we believe a premium is warranted, given the reasons detailed in the previous text.”

For an analyst ratings summary and ratings history on VICI Properties Inc. click here. For more ratings news on VICI Properties Inc. click here.

Shares of VICI Properties Inc. closed at $29.60 yesterday.

You May Also Be Interested In

• Bernstein SocGen Group Starts Terawulf Inc. (WULF) at Outperform
• Meta plans 'Hatch' AI agent priced at up to $200/month - The Information
• RBC Capital on Veeva Systems (VEEV) Amid After Hours Selloff on Earnings: 'we are surprised to see shares trade down'