In a report released yesterday, Connor Siversky from Wells Fargo maintained a Buy rating on VICI Properties (VICI – Research Report), with a price target of $34.00.
Connor Siversky has given his Buy rating due to a combination of factors including VICI Properties’ strong financial performance and promising guidance for the coming year. The fourth quarter of 2023 showed adjusted funds from operations (AFFO) per share slightly above Wells Fargo’s estimates and in line with broader market expectations. This consistency, paired with a modest revenue increase and a reasonable variance in expenses, paints a picture of stable operations. VICI’s guidance for 2024 AFFO also appears achievable, despite the challenging rate environment, which adds to the analyst’s positive outlook.
Moreover, Siversky’s assessment was buoyed by VICI Properties’ strategic acquisition moves in the fourth quarter, which were concluded at appealing cash cap rates. These investments, along with a robust liquidity position reinforced by a successful share sale under the ATM program, position VICI for potential growth opportunities. The company’s proactive management of its liquidity, including its approach to a significant note maturing within the year, provides additional confidence in its financial stewardship. These elements collectively support the Buy rating as they indicate a company well-positioned for sustained growth and resilience in the face of economic fluctuations.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $34.00 price target.
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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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