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On Monday, Citi analysts revised their financial outlook for VICI Properties Inc. (NYSE: NYSE:VICI), adjusting the price target to $36.00, a decrease from the previous $39.00, while maintaining a Buy rating on the stock. According to InvestingPro data, VICI currently trades at attractive valuation multiples and shows "GREAT" overall financial health. The revision follows the release of the company’s actual first-quarter results for 2025 and incorporates updated assumptions about operating performance, lease escalations, and interest rates.
The analysts at Citi have kept their second-quarter 2025 estimated adjusted funds from operations (AFFO) steady at $0.58. However, the forecast for the full year 2025 AFFO saw a slight increase to $2.34, up from the earlier estimate of $2.33. The new price target is based on a 15 times multiple of the estimated 2025 AFFO, representing about a 15% premium over the peer group. This is a reduction from the 25% premium that had been implied in their previous target price, aligning with more normalized expectations for multi-year AFFO growth. VICI has demonstrated strong financial performance, with a 5.32% revenue growth in the last twelve months and an impressive dividend yield of 5.43%.
VICI Properties’ attractive dividend yield, robust balance sheet, and strong relationships with core gaming tenants were cited as key factors underpinning the investment firm’s positive stance. Additionally, Citi highlighted the company’s management team as a supporting element in their assessment.
The price target adjustment reflects Citi’s recalibration of expectations for VICI Properties in light of the current financial landscape and the company’s recent performance. The decision to maintain a Buy rating indicates that, despite the reduced target, Citi continues to see value in the stock for potential investors.
In other recent news, VICI Properties reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.51, which fell short of the forecasted $0.68. Despite the EPS miss, the company achieved a revenue of $984.2 million, surpassing the forecast of $974.76 million. VICI Properties also raised its 2025 AFFO guidance to a range of $2.47-$2.50 billion, indicating confidence in its future performance. The company successfully refinanced its 2025 debt maturities, demonstrating its proactive approach to managing financial obligations. Additionally, VICI Properties recently established a partnership with Red Rock Resorts (NASDAQ:RRR) for the development of a casino on tribal land in Central California. This project involves a $510 million delayed draw term loan facility, highlighting VICI’s strategic growth initiatives. The company remains focused on strengthening relationships with existing partners and exploring new opportunities, including those related to the New York Gaming license process. These developments reflect VICI Properties’ ongoing efforts to enhance its portfolio and deliver value to its shareholders.
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