Gaming and Leisure (GLPI) PT Raised to $52 at Mizuho Securities

August 4, 2021 12:16 PM EDT
Get Alerts GLPI Hot Sheet
Price: $47.30 -1.05%

Rating Summary:
    22 Buy, 4 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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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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