VICI Properties Inc.
VICI · NYSE
Analyst ratings
buy · 11 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| July 15, 2026 | Wells Fargo | Maintains | Equal-Weight | $27.00 |
| July 8, 2026 | Morgan Stanley | Maintains | Equal-Weight | $31.00 |
| June 18, 2026 | Scotiabank | Maintains | Sector Perform | $29.00 |
| May 12, 2026 | Scotiabank | Maintains | Sector Perform | $32.00 |
| April 21, 2026 | Barclays | Maintains | Overweight | $34.00 |
| March 11, 2026 | Mizuho | Downgrades | Neutral | $30.00 |
| March 2, 2026 | Baird | Maintains | Outperform | $34.00 |
| February 2, 2026 | Scotiabank | Downgrades | Sector Perform | $30.00 |
| December 17, 2025 | Mizuho | Maintains | Outperform | $30.00 |
| December 3, 2025 | Barclays | Maintains | Overweight | $33.00 |
| December 1, 2025 | Evercore ISI Group | Downgrades | In-Line | $32.00 |
| November 28, 2025 | Goldman Sachs | Maintains | Buy | $34.00 |
| November 18, 2025 | Wells Fargo | Downgrades | Equal-Weight | $32.00 |
| November 6, 2025 | Cantor Fitzgerald | Maintains | Overweight | $35.00 |
| October 31, 2025 | Stifel | Maintains | Buy | $34.00 |
| October 31, 2025 | Evercore ISI Group | Maintains | Outperform | $36.00 |
| October 20, 2025 | Barclays | Maintains | Overweight | $37.00 |
| September 15, 2025 | Evercore ISI Group | Maintains | Outperform | $38.00 |
| September 11, 2025 | Mizuho | Maintains | Outperform | $35.00 |
| September 10, 2025 | JP Morgan | Maintains | Overweight | $38.00 |
| August 28, 2025 | Scotiabank | Maintains | Sector Outperform | $36.00 |
| August 27, 2025 | Wells Fargo | Maintains | Overweight | $36.00 |
Tenant concentration risk with Caesars and MGM
VICI's heavy reliance on Caesars and MGM is backed by long-term, triple-net lease structures with inflation-linked rent escalators and investment-grade balance sheet support, providing stable and predictable cash flows that underpin the 6.62% dividend yield and consistent earnings beats.
Concentration in just two major gaming tenants — Caesars and MGM — creates meaningful lease uncertainty and near-term operational risk. Any financial stress or strategic shift by either tenant could materially impact VICI's revenue base and dividend sustainability.
Valuation attractiveness versus limited near-term upside
At a 9.2x P/E ratio with a consensus price target of $30.00 implying 12% upside, and 77% of analysts issuing buy ratings, VICI's current valuation is seen as compelling for income-focused investors seeking a defensive, high-yield real estate position.
Despite the buy consensus, VICI's stock score sits at 38/100 — well below its historical median — with only 37.5% historical accuracy in rising over subsequent 52-week periods. The stock faces near-term selling pressure and a cautious 31.7% Buy, 56.1% Hold analyst split in some assessments.
Long-term growth optionality versus interest rate and macroeconomic sensitivity
VICI's inflation-linked rents, $2.5B in operating cash flows, and investment-grade balance sheet position it well to pursue growth through acquisitions and lease expansions, with analysts highlighting strong fundamentals and a 76.83% net income margin as durable competitive advantages.
VICI remains sensitive to macroeconomic headwinds and rising interest rates, which compress REIT valuations and raise borrowing costs for expansion. Analysts focused on valuation risk argue that the stock's current yield near historic highs signals market skepticism about the growth trajectory.