Office and retail properties REIT Vornado Realty Trust ( VNO ) on Thursday caught a big downgrade from analysts at Goldman Sachs.
The firm said it cut its rating on VNO to "Neutral" with a $77 price target, suggesting a small downside to the stock's Wednesday closing price of $77.51.
A Goldman analyst commented, "The reason for the change in view is risk associated with the company's large lease rolls in the DC office market in 2011-2013 and reduced demand for office space in a slower macro environment. The bottom line is we do not see a near-term catalyst for the shares and most recent quarter operating performance was only mixed, below the performance of its peers."
Vornado shares fell 52 cents, or -0.7%, in premarket trading Thursday.
The Bottom Line
Shares of Vornado Realty Trust ( VNO ) have a 3.56% dividend yield, based on last night's closing stock price of $77.51. The stock has technical support in the $72-$73 price area. If the shares can firm up, we see overhead resistance around the $80-$85 price levels.
Vornado Realty Trust ( VNO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Created by Dividend.com