VICI Properties initiated with an Overweight at Barclays

Barclays analyst Richard Hightower initiated coverage of VICI Properties (VICI) with an Overweight rating and $36 price target Despite concerns around external growth and a future Caesar’s (CZR) lease renewal, VICI deserves a positive valuation re-rating versus peers, the analyst tells investors in a research note. The firm says the quality, geography, and ultimate economic productivity of the company’s assets, in combination with its “superior” same-store growth and external growth pipeline, deserve a “significantly higher valuation premium relative to the majority of its net lease peers.”