In a report released yesterday, Ronald Kamdem from Morgan Stanley maintained a Hold rating on Gaming and Leisure, with a price target of $52.00.
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Ronald Kamdem has given his Hold rating due to a combination of factors impacting Gaming and Leisure Properties Inc. One of the primary concerns is the uncertainty surrounding the Chicago casino development project. Despite the company’s efforts to increase transparency and provide updates on construction progress, there are lingering doubts about whether the project will be completed by the anticipated fourth quarter of 2026. This uncertainty has been exacerbated by recent issues such as a debris spill into the North Branch of the Chicago River and changes in lease guarantees for other properties.
Additionally, Gaming and Leisure’s stock performance has been underwhelming compared to its peers, with a decline of 2.6% over the past year. This contrasts with a slight increase in the performance of VICI Properties and a smaller decline in triple net REITs. These factors, combined with the ongoing challenges and investor concerns, have led Ronald Kamdem to maintain a cautious stance with a Hold rating on the stock.
According to TipRanks, Kamdem is a 4-star analyst with an average return of 6.1% and a 55.16% success rate. Kamdem covers the Real Estate sector, focusing on stocks such as Macerich, Agree Realty, and Gaming and Leisure.
In another report released on September 11, Mizuho Securities also maintained a Hold rating on the stock with a $50.00 price target.