Office space REIT Vornado Realty Trust ( VNO ) on Monday caught a big upgrade from analysts at Keefe, Bruyette & Woods.
The firm said it boosted its rating on VNO to "Outperform" with a $92.00 price target, suggesting a 15% upside to the stock's Friday closing price of $79.94.
KBW analyst Sheila McGrath commented, "VNO released its much-awaited Chairman's letter Friday. Letter traditionally serves as a year-end wrap-up and often includes big picture commentary on the state of affairs for the economy & commercial RE. This year's letter includes positive commentary on commercial real estate including NY and Washington DC and expectation for a long sustained recovery. The tone, however, was more conciliatory - acknowledging need for change to regain 'luster.'"
Vornado shares were mostly flat in premarket trading Monday.
The Bottom Line
Shares of Vornado Realty Trust ( VNO ) have a 3.45% dividend yield, based on Friday's closing stock price of $79.94. The stock has technical support in the $75 price area. If the shares can firm up, we see overhead resistance around the $85-$86 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.
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