New York-based VICI Properties Inc. (VICI) is an experiential real estate investment trust (REIT) that owns one of the largest portfolios of gaming, hospitality, wellness, entertainment, and leisure destinations. Valued at a market cap of $35.1 billion, the company’s portfolio features iconic Las Vegas resorts, regional casinos, luxury hotels, entertainment venues, wellness and spa facilities, golf courses, and other experiential properties across the U.S. and Canada. 

This experiential REIT has underperformed the broader market over the past 52 weeks. Shares of VICI have gained 5.3% over this time frame, while the broader S&P 500 Index ($SPX) has surged 20.1%. Nonetheless, on a YTD basis, the stock is up 12.6%, outpacing SPX’s 8.6% return. 

Moreover, zooming in further, VICI has surged past the Real Estate Select Sector SPDR Fund’s (XLRE) marginal drop over the past 52 weeks and a 1.4% uptick on a YTD basis. 

VICI delivered its Q2 results on Jul. 30, and its shares closed up marginally in the following trading session. The company reported quarterly revenue of $1 billion, up 4.6% year-over-year and marginally above the consensus estimates. Higher income from sales-type leases, along with growth in income from lease financing receivables, loans and securities, supported its top-line performance. Additionally, its AFFO of $0.60 per share improved 5.3% from the same period last year, meeting analyst estimates. Looking ahead, VICI raised its fiscal 2025 AFFO per share guidance to a range of $2.35 to $2.37, further bolstering investor confidence. 

For the current fiscal year, ending in December, analysts expect VICI’s FFO to grow 4.4% year over year to $2.36 per share. The company’s FFO surprise history is promising. It met or topped the consensus estimates in each of the last four quarters. 

Among the 21 analysts covering the stock, the consensus rating is a "Strong Buy” which is based on 17 “Strong Buy,” one "Moderate Buy,” and three “Hold” ratings. 

This configuration is slightly less bullish than a month ago, with 18 analysts suggesting a “Strong Buy” rating.

On Aug. 1, Truist Financial Corporation (TFC) analyst Barry Jonas maintained a "Buy" rating on VICI and set a price target of $38, indicating a 15.5% potential upside from the current levels. 

The mean price target of $36.55 represents an 11.1% premium from VICI’s current price levels, while the Street-high price target of $44 suggests a notable upside potential of 33.7%.