Gaming and Leisure Properties price target lowered to $54 from $56 at RBC Capital

RBC Capital lowered the firm’s price target on Gaming and Leisure Properties (GLPI) to $54 from $56 and keeps an Outperform rating on the shares after its Q1 revenue miss. The firm notes that it had thought the company’s initial 2025 guidance from Q4 earnings was conservative, but that thesis was hit this quarter by a combination of delays at Bally’s Chicago, now estimated with 2027 completion, and no expected annual rent escalation for the Pinnacle lease, the analyst tells investors in a research note. The unchanged assumption for a June 2025 settlement of Gaming and Leisure Properties’ $409M in equity forwards is also conservative, RBC adds.