Gaming and Leisure Properties price target lowered to $47 from $49 at RBC Capital

RBC Capital lowered the firm’s price target on Gaming and Leisure Properties to $47 from $49 and keeps an Outperform rating on the shares. The outsized market reaction to the company’s “unremarkable” Q1 results was puzzling, with commentary around deal flow remains consistent with recent quarters, the analyst tells investors in a research note. RBC adds that the rise in expectations for medium term interest rates does appear to be causing some upward pressure on cap rates but also maintains its FFO estimates on the REIT for FY24 and FY25.