2024-03-31 09:00:00 ET
Summary
- VICI remains a Buy, with the double beat FQ4'23 earnings call and healthier balance sheet demonstrating the management's competency thus far.
- The recent pullback also triggers an improved upside potential to its fair value along with an expanded forward dividend yield.
- The market has over-reacted to VICI's supposedly softer FY2024 guidance, since it is attributed the deflationary impact on its rental revenues.
- Combined with the REIT's highly efficient operations and focus on sustainable growth, we believe that the recent dip is a jackpot for those looking to dollar cost average.
We previously covered VICI Properties Inc. (NYSE: VICI ) in December 2023, discussing its strategic diversification into non-gaming properties, with it being an interesting trend observed in multiple REITs as a way to diversify risks during a challenging macroeconomic environment....
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For further details see:
Buy VICI Properties' Dip: Potential Gains Ahead