11:50 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target price at $35 on a forward P/AFFO of 15.5x our 2024 AFFO estimate, in line with VICI's three-year average multiple. We keep our 2024 AFFO estimate at $2.24 and 2025's at $2.34. VICI reported Q1 2024 AFFO of $0.56 vs. $0.53, in line with consensus. Revenues rose 8% Y/Y led by income from sales-type leases (+7% Y/Y), income from lease receivables and loans (+2.5%), other income (+5%), and golf revenues (+2.5%). Activity within VICI's core market, Las Vegas (47% of revenue), remains robust and has helped VICI maintain 100% occupancy across the portfolio. VICI recently announced a $700 million investment for reinvestment projects through a property growth fund at The Venetian Resort in Las Vegas, highlighting the company's commitment to the market. VICI maintains $3.5 billion of liquidity and has decreased leverage to 5.4x vs. 5.5x Q/Q and 5/9x Y/Y, leaving the firm in a good position for additional acquisitions, loans, or property growth investments through 2024.