Goldman Sachs analyst Caitlin Burrows maintained a Buy rating on VICI Properties (VICI – Research Report) on May 10 and set a price target of $35.00.
Caitlin Burrows has given his Buy rating due to a combination of factors, including VICI Properties’ strong performance and strategic growth prospects. The Las Vegas market, where VICI has significant investments, has shown robust gaming revenue growth for twelve consecutive quarters, and visitor numbers have surpassed pre-pandemic levels. This positive trend in Las Vegas, coupled with the company’s ten assets on the Strip and potential expansion downtown, presents numerous opportunities for the firm. Burrows also highlights the company’s ability to support capital expenditure improvements through initiatives such as the Partner Property Growth Fund, which strengthens VICI’s position and relationships with tenants.
Furthermore, the analyst notes VICI’s financial performance, projecting a 5.3% growth in Adjusted Funds From Operations Per Share (AFFOPS) for 2024. This anticipated growth, along with a healthy dividend yield of 5.7%, presents a compelling case for investors. Moreover, the possibility of incremental acquisitions or investments could further enhance returns. The recent strategic moves, like the $250 million mezzanine loan to Great Wolf Resorts, underscore VICI’s commitment to growth through recurring investment opportunities, reinforcing the company’s competitive edge and supporting the Buy rating.
In another report released on May 10, Mizuho Securities also maintained a Buy rating on the stock with a $32.00 price target.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VICI in relation to earlier this year.
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VICI Properties (VICI) Company Description:
VICI Properties, Inc. owns, acquires and develops gaming, hospitality and entertainment properties. It operates through the following segments: Real Property Business and Golf Course Business. The Real Property Business segment consists of leased real property. The Golf Course Business segment consists of four golf courses. The company was founded on July 5, 2016 and is headquartered in New York, NY.
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