UPDATE: Stifel Initiates Coverage on Gaming & Leisure Properties with Hold Rating Awaiting Positive Catalysts

In a report published Friday, Stifel analyst Steven Wieczynski initiated coverage on

with a Hold rating. In the report, Stifel noted, “We are initiating coverage of Gaming and Leisure Properties, Inc. with a Hold rating on the shares. While we believe in the long-term prospects of the gaming industry's first dedicated REIT, we sense it could take several quarters for tenant diversification efforts to begin in earnest, potentially leaving shares stuck in neutral. Longer term, evidence of successful property acquisitions and a greater level of buy-in from dedicated REIT investors would make us consider growing more constructive on the shares, all else being equal.” Gaming & Leisure Properties closed on Thursday at $4.95.