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Fly News Breaks for March 16, 2018
VNO
Mar 16, 2018 | 06:28 EDT
BMO Capital analyst John Kim initiated Vornado with an Outperform rating and a price target of $85. Kim contends that the "demise" of the New York City property market - where Vornado has a premier office and retail landlord presence - is greatly exaggerated or premature. The analyst adds that the REIT is a "cash flow machine" generating up to $3.6B in cash through 2020, while the headwinds in the retail and luxury condo markets are "more than priced in".
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