Wells Fargo downgraded VICI Properties (VICI) to Equal Weight from Overweight with a price target of $32, down from $36. The firm cites the company’s “muted” fee simple gaming investment opportunities and concerns over its Caesars (CZR) regional lease for the downgrade. Wells expects the lease will experience an eventual rent cut. Wells now expects flat-to-negative regional gaming growth in the medium term, which would translate into a material rent cut, the analyst tells investors in a research note.
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