Vornado Realty Trust (VNO) PT Lowered to $82 at Deutsche Bank; Reiterates Hold

Deutsche Bank lowered its price target on Vornado Realty Trust (NYSE: VNO) to $82.00 (from $84.00) while maintaining a Hold rating following the company's 4Q earnings report. 4Q results were largely in-line but the company's FFO for 2018 missed consensus by about 3%.

Deutsche Bank adjusted 2018 and 2019 FFO/sh for comparability and moves to $3.88 and $3.95 respectively (from $4.12 and $4.02 prior), due to lower NOI, higher interest expense, and lower other income. 2018 FFO compares to VNO's initial guidance of flattish growth vs. 2017's $3.73 FFO adjusted for comparability.

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