Truist raised the firm’s price target on Vornado (VNO) to $40 from $31 and keeps a Hold rating on the shares. The firm is also increasing its FFO estimates as it believes the stock has been repriced to reflect optimism regarding the New York office market, including leasing prospects for PENN 2. That said, Truist thinks Vornado is fairly valued. It experienced the largest normalized FFOps decline in the firm’s coverage universe since 2019, but the stock has been an average performer, resulting in Vornado’s highest FFO multiple in more than eight years. Truist projects very strong near-term growth, but even Vornado’s 2027 FFO and FAD multiples are the highest in its office REIT coverage universe.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VNO:
- Vornado price target raised to $42 from $38 at Scotiabank
- Trump Trade: Trump Media considers developing crypto payment service
- Vornado price target lowered to $31 from $34 at Barclays
- Vornado price target raised to $48 from $42 at BofA
- Vornado price target raised to $46 from $44 at Piper Sandler
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
