Piper Sandler Upgrades Vornado Realty Trust (VNO) to Neutral

Piper Sandler analyst Alexander Goldfarb upgraded Vornado Realty Trust (NYSE: VNO) from Underweight to Neutral with a price target of $30.00 (from $22.00).

The analyst comments "VNO - benefiting from NYC's rebound. While we give credit to UW-rated ALX for the Bloomberg lease (~950k sf), VNO includes this transaction in its 1.6m sf YTD, which means VNO has signed another 600k sf of tenants. The pipeline is 2.6m sf, including 1.6m sf in negotiation and 1m sf in discussion. PENN2 is a substantial portion of this pipeline with rents inline with VNO's expectations. Management is trading paper with a user for 1.1m sf long-term master lease at 770 Broadway, which represents the whole office portion of the building, excluding the retail. Management feels good about its lease exposure over the next 12-months, especially having addressed 2/3 of the big move-outs at 280 Park, 1290 Avenue of Americas, and 770 Broadway. Thus, if VNO is successful with the master-lease at 770, it would mitigate the 270k sf FB expiration (June 30)."

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 $30.00 yesterday.

You May Also Be Interested In

• Hyperion DeFi, Inc. (HYPD) PT Raised to $7.10 at Cantor Fitzgerald
• Liftoff Mobile (LFTO) PT Lowered to $32 at Cantor Fitzgerald
• Benchmark Reiterates Buy Rating on Jumia Technologies (JMIA)