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Fly News Breaks for December 5, 2019
VNO
Dec 5, 2019 | 08:35 EDT
SunTrust analyst Michael Lewis lowered his price target on Vornado to $68 and also lowered his FY19/FY20 FFO estimates by 12c and 16c to $3.42 and $3.44 respectively to reflect the company's recent dispositions and redevelopment downtime of Penn Plaza. The analyst still keeps his Buy rating on the REIT however, citing its above-average FFO growth expected for the next 3 years and based on its "deep" discount to net asset value relative to its office peers.
News For VNO From the Last 2 Days
VNO
Mar 26, 2024 | 20:26 EDT
Barclays analyst Brendan Lynch initiated coverage of Vornado with an Underweight rating and $22 price target. The analyst cites the company's concentrated exposure and slow pace of lease-up in the Penn district for the sell rating. The firm says Vornado's leasing volume has been slow and management has pushed back its time frame for stabilization of Penn 2 to 2026. It thinks there could be additional delays.