Raymond James analyst RJ Milligan downgraded Gaming and Leisure Properties to Outperform from Strong Buy with a price target of $55, down from $57. While Milligan remains positive on the gaming REITs, he believes Gaming and Leisure’s risk/reward profile no longer warrants the firm’s most constructive rating after their recent outperformance, the analyst tells investors in a research note. The gaming REITs will likely be the beneficiaries of capital moving into more "defensive" names moving into an uncertain/negative macro environment, Milligan contends.
Published first on TheFly
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