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Ladenburg Thalmann & Co. initiates coverage of Gaming and Leisure Properties at 'buy'

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Ladenburg Thalmann & Co. initiates coverage of Gaming and Leisure Properties at 'buy'

Ladenburg Thalmann & Co. Inc. analyst initiatedcoverage of Gaming and LeisureProperties Inc. with a rating of "buy," and a pricetarget of $41.

The analyst wrote in a research report: "With GLPI's 38regional gaming assets having historically experienced low volatility in EBITDAthanks to new gaming supply being legislatively and regulatory constrained, wesee the REIT's underlying cash flow as underappreciated vs. more traditionalsingle-tenant net lease (STNL) REITs. In short, with no leases expiring until2026, zero capex requirements, and our projection for ~1% same-store NOI growththrough 2019, we believe GLPI's rental stream is attractive when compared tovarious STNL names that 1.) have heavy intermediate term lease roll (theexception being STNL industrial) and/or 2.) large exposure to brick and mortarretailers."