|Over a week ago|
VICI Properties initiated with a Buy at Loop Capital » 07:3511/1711/17/20
Loop Capital analyst…
Loop Capital analyst Daniel Adam initiated coverage of VICI Properties with a Buy rating and $30 price target. The analyst cites the company's "positive catalysts" coming from M&A that would unlock "hidden value drivers" with lease-embedded pipeline opportunities , diversification into non-gaming assets, and also diversifying its tenant base through continued accretive transactions. Adam adds that the recently expanding valuation multiples for gaming operators is also positive for VICI Properties shares.
VICI Properties initiated with a Buy at Loop Capital » 16:0611/1611/16/20
Loop Capital analyst…
Loop Capital analyst Daniel Adam initiated coverage of VICI Properties with a Buy rating and $30 price target.
Omega takes Alphabet Class A stake, exits position in JPMorgan » 12:1111/1611/16/20
GOOGL, ATH, VRT, MSI, JPM, CNC, GTN, VICI, DEN, COOP, OCN, ASPU, FCRD, NAVI, CI, PE, SRGA, GCI, NBR, FISV, TRN
Leon Cooperman's Omega Advisors disclosed in an SEC filing its holdings as of September 30, 2020. Omega's seven new buys during the third quarter included, by size of position, Alphabet (GOOGL), Athene Holding (ATH), Vertiv Holdings (VRT), and Motorola Solutions (MSI). Omega exited six positions during the quarter, including by size of previous position, JPMorgan (JPM). Centene (CNC), Gray Television (GTN), Vici Properties (VICI), and Denbury (DEN). Omega increased its stake in 14 holdings, including by size of previous position, Mr. Cooper (COOP), Ocwen Financial (OCN), Aspen Group (ASPU), First Eagle Alternative Capital (FCRD), and Navient (NAVI). Omega reduced its stake in seven holdings, including by size of previous position, Cigna (CI), Parsley Energy (PE), Surgalign Holdings (SRGA), Gannett (GCI), and Nabors (NBR). Omega's top holdings as of September 30, in order of size, were Fiserv (FISV), Mr. Cooper, Alphabet, Cigna, and Trinity Industries (TRN).
Fly Intel: Top five analyst initiations » 09:5411/1211/12/20
HCC, VRT, GLPI, VICI, MGP
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Warrior Met Coal (HCC) initiated with a Buy at Roth Capital. 2. Vertiv Holdings (VRT) initiated with a Buy at Guggenheim. 3. Gaming and Leisure Properties (GLPI) initiated with a Strong Buy at Raymond James. 4. VICI Properties (VICI) initiated with a Strong Buy at Raymond James. 5. MGM Growth (MGP) initiated with an Outperform at Raymond James. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
VICI Properties initiated with a Strong Buy at Raymond James » 08:1411/1211/12/20
Raymond James analyst RJ…
Raymond James analyst RJ Milligan initiated coverage of VICI Properties with a Strong Buy rating and $32 price target. The gaming net-lease REITs have posted the best rent collections through the pandemic vs. the broader net-lease sector, proving out the durability of their cash flows even through an unprecedented pandemic, Milligan tells investors in a research note. The analyst expects the gaming net-lease REITs to re-rate above their historical averages and more in line with the blue-chip net-lease peers given the establishment of their own track record.
VICI Properties initiated with a Strong Buy at Raymond James » 16:1111/1111/11/20
Raymond James analyst RJ…
Raymond James analyst RJ Milligan initiated coverage of VICI Properties with a Strong Buy rating and $32 price target.
Jefferies upgrades Gaming and Leisure on deal opportunities, tenant health » 07:4111/0211/02/20
GLPI, CZR, TRWH, PENN, VICI
As previously reported,…
As previously reported, Jefferies analyst David Katz upgraded Gaming and Leisure Properties (GLPI) to Buy from Hold with a price target of $50, up from $41. A series of recently-announced transactions with Caesars (CZR), Twin River Worldwide (TRWH) and Penn National (PENN) will increase annual rent by nearly $44M, noted Katz, who expects "increasing distress and consolidation" in the gaming industry to present accretive deals and help the company grow AFFO. In addition, the solidified capital position of Penn National, which he calls out as Gaming and Leisure's primary tenant, should help narrow the valuation gap between the REIT and its peers, such as VICI Properties (VICI), Katz contends.
|Over a month ago|
VICI Properties reports Q3 adjusted FFO 43c, consensus 42c » 16:2810/2810/28/20
Reports Q3 revenue…
Reports Q3 revenue $339.7M, consensus $308.50M. The company said, "In the third quarter VICI's investors - both equity and credit - were rewarded with the growth that they have endorsed and funded through our extensive acquisition and financing activities over the last 6 quarters. In Q3 2020 we grew AFFO 38.4% compared to prior year, while also rewarding shareholders with an 11% increase in our quarterly dividend. Additionally, we completed our first formal venture into asset classes beyond Gaming through our financing of an incomparable experiential asset, New York's Chelsea Piers. Over the last 25 years the Chelsea Piers Team - led by Roland Betts, Tom Bernstein and David Tewksbury - has made Chelsea Piers the leading New York gathering space for recreation, entertainment and film production. We also entered into an agreement with Chelsea Piers that could lead to a longer-term financing partnership in the future. We're honored to be in business with the Chelsea Piers team."
Ladenburg reiterates Buy rating on VICI Properties, ups target to $26.50 » 14:1010/2810/28/20
Ladenburg analyst John…
Ladenburg analyst John Massocca raised the firm's price target on VICI Properties (VICI) to $26.50 from $23, while reiterating a Buy rating on the shares. While the analyst expects few surprises from the company's Q3 earnings results, he still believes it could mark a "noteworthy step" for the REIT. With this quarter's results, the REIT's transactions with Caesars Entertainment (CZR) will now largely be completed and the focus should move to where the REIT will see future investment opportunities, Massocca contends. The analyst notes that the most tangible of the external growth opportunities remains via the REIT's potential ROFR's with Caesars for certain Las Vegas assets, should they come up for sale. That said, the uncertain operating environment in Las Vegas, given the COVID-19 pandemic might make it hard for Caesars to find pricing on a transaction that would justify a sale, he adds.
Caesars, VICI Properties complete sale of Harrah's Reno to CAI Investments » 16:1809/3009/30/20
Caesars Entertainment (CZR) and VICI Properties (VICI) announced they have completed the previously disclosed transaction to sell Harrah's Reno Hotel and Casino to an affiliate of CAI Investments for $41.5M. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.