BofA analyst Shaun Kelley lowered the firm’s price target on VICI Properties (VICI) to $31 from $36 and keeps a Buy rating on the shares. The firm’s cap rate of 7.6%, up from its prior 6.6% estimate due to higher interest rates, drives its lower target, but the firm reiterates a Buy rating, citing $1B of attractively priced equity capital to drive M&A in 2024, an organic pipeline that includes the Caesars (CZR)/Centaur call option in 2024, strong execution and “creative management.”
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