Gaming and Leisure Properties price target raised to $54 from $49 at JPMorgan

JPMorgan analyst Joseph Greff raised the firm’s price target on Gaming and Leisure Properties (GLPI) to $54 from $49 and keeps an Overweight rating on the shares. The upgrade comes given recent year-to-date share price underperformance, a safe and healthy dividend yield, built-in growth from rent escalators and recent/pending M&A driven growth, providing for attractive visibility, and a predictable business model with far less volatility compared to lodging REITs or Gaming OpCos, the analyst tells investors in a research note. The firm also can’t help but think that a lower interest rate environment will lead to incremental M&A.