MGP - MGM Growth Properties stock slides 1.7% after BofA turns bearish

MGM Growth Properties (MGP) stock falls 1.7% in premarket trading after BofA Securities analyst Shaun Kelley downgrades the stock to Underperform as catalysts for his previous upgrade — MGM cutting ownership to under 50% and MGP providing strong risk-adjusted exposure to a Las Vegas recovery — "have seemingly played out.""From here, we are less certain on the OP (Outperform) unit path and accretion, while our investor preference is shifting to operators over REITs for Vegas exposure," Kelley writes in a note to clients.He'd revisit his stance on MGP depending on further reduction of or clarity on MGM's stake in the REIT, movement on external M&A, or conversion to a C-Corp, which could lead to inclusion in more indexes.Kelley's Underperform rating contrasts with the Very Bullish Quant rating and the average Wall Street rating of Very Bullish (12 Very Bullish, 2 Bullish, 3 Neutral).MGP is SA contributor Dane Bowler's top pick among casino REITs

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MGM Growth Properties stock slides 1.7% after BofA turns bearish