JPMorgan analyst Joseph Greff upgraded Gaming and Leisure Properties (GLPI) to Overweight from Neutral with a price target of $54, up from $49. 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.
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