BofA lowered the firm’s price target on Gaming and Leisure Properties (GLPI) to $45 from $50 and keeps an Underperform rating on the shares after the company reported Q3 AFFO/share in line with BofA’s estimate and raised full year AFFO/share guidance. The firm’s cap rate of 8.6%, up from its prior 7.6% estimate due to higher interest rates, drives its lower target and the firm reiterates an Underperform rating given less organic growth and fewer inflation protected leases for Gaming and Leisure than Buy-rated VICI Properties (VICI).
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