Barclays Lowers VICI Properties (VICI) PT Citing Concerns Over Tenant Stability

Core Viewpoint - VICI Properties Inc. is currently viewed as a profitable value stock, but recent downgrades from analysts indicate concerns regarding tenant stability and coverage ratios, which may impact future performance [1][2][3]. Group 1: Analyst Ratings and Price Targets - Barclays lowered its price target for VICI Properties from $37 to $33 while maintaining an Overweight rating, citing tenant-related concerns [1]. - Evercore ISI downgraded VICI Properties from Outperform to In Line with a reduced price target of $32, down from $36, due to concerns over a regional gaming lease with Caesars Entertainment [2]. Group 2: Portfolio Diversification and Strategic Moves - VICI Properties is diversifying its portfolio beyond core gaming assets, recently adding Clairvest as its 14th tenant, which will acquire operations of MGM Northfield Park with an initial annual base rent of $53 million [3]. - The company is exploring investments in mission-critical infrastructure related to university sports, indicating a strategic shift to provide long-term capital to collegiate athletic departments [3]. Group 3: Company Overview - VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns a significant portfolio of gaming, hospitality, wellness, entertainment, and leisure destinations [4].