Balanced Risk/Reward Keeps VICI at Hold Despite Solid Operations and Long-Term Growth Investments

In a report released today, Ronald Kamdem from Morgan Stanley maintained a Hold rating on VICI Properties, with a price target of $35.00.

Ronald Kamdem has given his Hold rating due to a combination of factors, including guidance that points to slower growth than peers despite a solid recent quarter. While fourth-quarter AFFO slightly exceeded expectations and the portfolio remains fully occupied, the newly issued 2026 AFFO outlook is marginally below consensus, implying only modest earnings expansion.

At the same time, VICI is actively investing, with sizable casino real estate acquisitions and new or restructured leases that support long-term cash flows, complemented by stable leverage and liquidity and a growing dividend. However, with only limited upside to his target and operational momentum that does not clearly outpace competitors, Kamdem sees the risk/reward profile as balanced rather than compelling enough for a more aggressive rating.