VICI Properties stock trades at EUR 20.43 as targets fall

VICI Properties (ISIN US9256521090) was trading at EUR 20.43 at Lang & Schwarz on September 29, 2026, unchanged at 0.00 percent versus the prior close of EUR 20.43. The immediate stock story is a sequence of lower analyst targets, while the latest company update shows higher revenue and raised adjusted AFFO guidance. The contrast puts income and refinancing metrics at the center of the investor debate.

Analyst targets move lower

According to MarketBeat, Scotiabank cut its price target from USD 29.00 to USD 26.00 on September 24, 2026, and kept a Sector Perform rating. The same report said Morgan Stanley lowered its target from USD 31.00 to USD 29.00 on September 15, 2026, with an Equal Weight rating.

JPMorgan also moved from Overweight to Neutral while keeping a USD 30.00 target, according to MarketBeat on September 24, 2026. The reported consensus remained Hold with an average target of USD 29.93, leaving a clear gap between analyst valuation and the EUR reference price, although the currencies are not directly comparable.

Q2 revenue outpaces prior year

According to VICI Properties, second-quarter 2026 revenue reached USD 1.0585 billion, versus USD 1.0013 billion in the second quarter of 2025, an increase of 5.7 percent. Adjusted funds from operations rose to USD 0.62 per diluted share from USD 0.60, while GAAP diluted earnings per share fell to USD 0.48 from USD 0.82.

Management raised full-year 2026 adjusted AFFO guidance to USD 2.675 billion to USD 2.695 billion, or USD 2.45 to USD 2.47 per diluted share, from a prior range of USD 2.665 billion to USD 2.695 billion. The guidance is a non-GAAP measure, so it should be read separately from the quarterly GAAP earnings decline.

Debt keeps the valuation debate active

VICI reported USD 17.218 billion of total debt and a 4.9 times last-quarter annualized adjusted EBITDA net leverage ratio as of June 30, 2026. Its portfolio contained 103 experiential assets, including 63 gaming properties and 40 other experiential properties, with 100 percent occupancy reported in the Q2 supplemental data.

The next earnings date is expected on October 29, 2026, according to Zacks. Until then, the key comparison is straightforward: operating revenue and adjusted cash flow improved, while analyst targets and reported GAAP earnings point to a more cautious valuation discussion.

VICI Properties stock stays unchanged

VICI Properties stock was trading at EUR 20.43 at Lang & Schwarz on September 29, 2026 at 5:02 p.m. CEST, unchanged at 0.00 percent versus the EUR 20.43 prior close at Lang & Schwarz on September 28, 2026.

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