Gaming and Leisure Properties initiated with an Equal Weight at Barclays

Barclays initiated coverage of Gaming and Leisure Properties (GLPI) with an Equal Weight rating and $55 price target as part of a broader research note on REITs. The company doesn’t necessarily own the “highest quality” assets vs. industry peers, but investors have recognized that Gaming and Leisure possesses its own advantages, in the form of greater transparency around rent coverage for the vast majority of its leases and strategic relationships with Bally’s, Cordish, and, more recently, the Ione Band of Miwok Indians, the analyst tells investors in a research note. The company’s cost of capital also still allows it to grow within its regional gaming niche, the firm adds.