UPDATE: Sandler O'Neill Upgrades Vornado Realty Trust (VNO) to Buy, Break-Up Could Unlock Value

(Updated - March 8, 2013 9:26 AM EST)

Sandler O’Neill upgraded Vornado Realty Trust (NYSE: VNO) from Hold to Buy. Analysts Sandler O'Neill said, based on a sum-of-parts valuation, a potential split-up could create a catalyst. O'Neil thinks Vorando can be split into 3 companies and thinks it could be worth up to $95.80.

The analyst also thinks the company may be more willing to explore strategic options after selling part of its stake in J.C. Penney (NYSE: JCP) and bringing in a new CEO.

For an analyst ratings summary and ratings history on Vornado Realty Trust (NYSE: VNO) click here. For more ratings news on Vornado Realty Trust click here.

Shares of Vornado Realty Trust closed at $83.02 yesterday.

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