Keefe, Bruyette & Woods Upgrades Vornado Realty Trust (VNO) to Outperform; Chairman's Letter Outlines Change

Keefe, Bruyette & Woods upgraded Vornado Realty Trust (NYSE: VNO) to Outperform with a price target of $92.00.

Analyst, Sheila McGrath, said, "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.""

For an analyst ratings summary and ratings history on Vornado Realty Trust click here. For more ratings news on Vornado Realty Trust click here.

Shares of Vornado Realty Trust closed at $79.94 yesterday.

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