Mizuho Securities Starts Gaming and Leisure (GLPI) at Buy
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Mizuho Securities analyst Haendel St. Juste initiates coverage on Gaming and Leisure (NASDAQ: GLPI) with a Buy rating and a price target of $47.00.
The analyst comments "GLPI is currently the only Gaming REIT under our coverage (peers include VICI and MGP). Gaming REITs have proven their resilience (100% rent collections since inception) and we see GLPI/peers as net-winners in the recovery of the US economy as consumer spending and gaming revenues recover/grow. GLPI should benefit from relative structural safety (lease enhancements, credit tenants, high barriers-to-entry and alignment of interests with states). All told, we see re-rating upside given proven operating resilience, improving growth and greater institutional acceptance. Key risks include the rise of online betting, rising rates, lower rent bumps, and extensive regulation."
Shares of Gaming and Leisure closed at $42.19 yesterday.
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