Scotiabank Raises Price Target for Gaming and Leisure Properties Inc. to $50, Analysts Remain Bullish on Stock
Scotiabank has updated its outlook on Gaming and Leisure Properties Inc. (GLPI), increasing the price target to $50 from $48 while maintaining a Sector Perform rating. The adjustment takes into account recent transactions, changes in the secured overnight financing rate (SOFR), and the financing of construction for Casino Queen Baton Rouge.
The bank's analyst emphasized the impact of new transactions on financial projections and considered a downward shift in the 2025 SOFR curve. The revised AFFOPS estimates for 2024 and 2025 are now $3.76 and $3.93, contributing to the new price target. The valuation multiple of 12.5 times the estimated 2025 AFFOPS remains unchanged.
In recent news, GLPI has been involved in significant developments, including a $1.585 billion transaction with Bally's and the funding of the Belle of Baton Rouge casino relocation and renovation. Analysts from Mizuho, RBC Capital Markets, and Stifel have raised their price targets for the stock, reflecting confidence in the company's growth strategy.
Investors should take note of GLPI's strong financial health and market performance, with a market capitalization of $13.76 billion and a P/E ratio of 18.13. The stock has delivered impressive returns over the last week, month, and three months, indicating its appeal in the current market.
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In conclusion, Scotiabank's revised price target for GLPI reflects positive sentiment from analysts and highlights the company's strategic focus on acquisitions and growth. Investors can leverage this information to make informed decisions about their finances and potentially benefit from the stock's strong performance in the market.