VICI Properties initiated with a Neutral at Wedbush

Wedbush initiated coverage of VICI Properties with a Neutral rating and $31 price target. The analyst started coverage of the U.S. real estate investment trust industry with an initial universe of 30 stocks and seven sectors. The firm says the U.S. REITs could reverse 2,200 basis points of underperformance since 2022 that has “created very attractive stock valuations.” However, valuation alone is not typically an effective investment thesis, usually requiring incremental catalysts before playing a role, the analyst tells investors in a research note. Wedbush believes REIT balance sheets and platforms place the industry at the top of the commercial real estate food chain. It rates 13 of the 30 stocks Outperform with zero Underperform ratings for now.