UPDATE: Argus Upgrades Vornado Realty Trust (VNO) to Buy

(updating comment)

Argus analyst Jacob Kilstein upgraded Vornado Realty Trust (NYSE: VNO) from Hold to Buy with a price target of $42.00.

The analyst comments "We are raising our rating on Vornado Realty Trust (NYSE: VNO) to BUY from HOLD. VNO shares are down 44% year-to-date due to the pandemic, and in our view offer a favorable entry point. The shares have firmed over the last three months, but are still underperforming the broad market, with a gain of 10% compared to a 13% advance for the S&P 500. Despite this underperformance, we see a number of positive catalysts that could boost VNO shares, including the appointment of new CFO Michael Franco, the January 1 opening of the new Moynihan Train Hall in New York; headcount reductions that will reduce compensation by $35 million annually, and generally positive vaccine news. We are also impressed by the high selling prices of the company's luxury apartments at 220 Central Park South in Manhattan. The Penthouse at 220 CPS sold for $240 million in 2019 - setting a record for the most expensive home ever sold."

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 $35.99 yesterday.

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