Argus Upgrades Vornado Realty Trust (VNO) to Buy

Argus upgraded Vornado Realty Trust (NYSE: VNO) from Hold to Buy with a price target of $83.00.

Analyst Jacob Kilstein comments "We expect Vornado’s results to benefit from the recent spinoff of the struggling Washington, D.C. segment, and note that the company continues to pursue a “prune-and-simplify” strategy following the spinoff of its malls and strip shopping centers in 2015. In addition, despite rising supply in New York, we believe that demand remains solid and expect the company to raise rents in this market."

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 $74.06 yesterday.

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