Barclays Maintains an 'Overweight' on Vornado Realty Trust (VNO); Adjusting Estimates for Toys R Us
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Price: $39.00 -1.69%
Rating Summary:
6 Buy, 13 Hold, 3 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 13 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on Vornado Realty Trust (NYSE: VNO) price target of $85.00.
Analyst, Ross L. Smotrich, said, "VNO owns 32.7% of the retail chain Toys R Us, which follows a January 31 fiscal year. As such, each quarter's results are recognized during the following fiscal quarter for VNO, whose 1Q12 earnings will include the 4Q11 Toys results. Yesterday, VNO announced that it will recognize FFO of $132m ($0.69ps) related to Toys, up from $124m ($0.61ps last year. Our estimates called for FFO of $145m ($0.76ps). The variance was due to lower gross margins and higher interest expense than we had modeled."
:To reflect these results, we are decreasing our 1Q12 FFOps estimate to $1.54 from $1.62 and our FY 2011 FFOps estimate to $5.24 from $5.27."
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 $84.59 yesterday.
Analyst, Ross L. Smotrich, said, "VNO owns 32.7% of the retail chain Toys R Us, which follows a January 31 fiscal year. As such, each quarter's results are recognized during the following fiscal quarter for VNO, whose 1Q12 earnings will include the 4Q11 Toys results. Yesterday, VNO announced that it will recognize FFO of $132m ($0.69ps) related to Toys, up from $124m ($0.61ps last year. Our estimates called for FFO of $145m ($0.76ps). The variance was due to lower gross margins and higher interest expense than we had modeled."
:To reflect these results, we are decreasing our 1Q12 FFOps estimate to $1.54 from $1.62 and our FY 2011 FFOps estimate to $5.24 from $5.27."
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 $84.59 yesterday.
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