Gaming and Leisure (GLPI) PT Raised to $52 at Mizuho Securities
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Mizuho Securities analyst Haendel St. Juste raised the price target on Gaming and Leisure (NASDAQ: GLPI) to $52.00 (from $50.00) while maintaining a Buy rating.
The analyst commented, "
This morning's gaming REIT M&A news (here) of VICI's (not covered) acquisition of MGP (not covered) provides a direct and favorable read-through for regional gaming asset values and, specifically, for GLPI. At a high level, we estimate VICI is paying a ~5.7% cap rate for MGP, which we estimate implies ~6% cap rate for the MGP regional gaming portfolio - a cap rate range well below current investor perception and recent comparable transactions for regional gaming assets (7-8%), and well below the high-6% cap rate at which GLPI currently trades.
We also raise our 2021/22 earnings estimates (2Q21 earnings and better/sooner rent bumps) and our PT (to $52)."
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