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SunTrust Robinson Humphrey initiates coverage of Gaming and Leisure Properties at 'neutral'

SunTrustRobinson Humphrey Capital Markets analyst Patrick Scholes initiated coverage of with a rating of "neutral," and a price target of $32.

The analyst wrote in a research report: "We like the (1)Attractive rent coverage even in a stress – tested recessionary environment, (2)The value added acquisition strategy, and (3) Attractive dividend yield, we arestaying on the sidelines due to (1) Limited internal growth opportunities, (2) Threatof new market entrants into gaming REIT space; (3) Concentrated tenant risk; (4)Increasing cost of capital, and (5) Interest rate risk."