VICI Properties (VICI) Price Target Cut to $34 at Baird Following Earnings Update

VICI Properties Inc. (NYSE:VICI) is included among the 15 Best Stocks to Buy Now for Passive Income.

 VICI Properties (VICI) Price Target Cut to $34 at Baird Following Earnings Update

On March 2, Baird lowered its price recommendation on VICI Properties Inc. (NYSE:VICI) to $34 from $36. It kept an Outperform rating on the shares. The firm said it updated its model following the company’s fourth-quarter results, including raising some of its estimates.

During the Q4 2025 earnings call, CEO Edward Pitoniak said that VICI continues to see strong growth in property-level performance. He pointed out that EBITDAR generated by the portfolio has increased meaningfully over time. Before the pandemic, the figure stood at about $487 million. By 2024, it had risen to roughly $777 million.

President John Payne discussed several partnerships and financing deals completed in 2025. He said the company formed a long-term relationship with Cain International and Eldridge Industries. He also noted that the company arranged a $510 million delayed-draw term loan with Red Rock Resorts, welcomed Clairvest Group as its 14th tenant, and completed a $1.16 billion sale-leaseback transaction with Golden Entertainment.

Payne said these transactions together represent about $2.1 billion in committed capital during 2025. The deals carry a weighted average initial yield of about 8.9%. He also said the company expanded into the Las Vegas locals gaming market, which he described as demographically attractive.

VICI Properties Inc. (NYSE:VICI) is a real estate investment trust. The company owns and acquires gaming, hospitality, wellness, entertainment, and leisure destinations, which operate under long-term triple net leases.

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