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VNO

Vornado

$73.37

-1.19 (-1.60%)

16:48
09/19/17
09/19
16:48
09/19/17
16:48

Vornado provides information regarding its investment in Toys 'R Us

Vornado announced that Toys 'R Us yesterday filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. Vornado had previously fully reserved for its 32.5% investment in Toys 'R Us, and carries this investment on its balance sheet at zero. For income tax purposes, it carries this investment at approximately $420M which could result in a tax deduction in future periods. Further, Vornado does not hold any debt of Toys 'R Us and does not guarantee any of their debt and has no further liability.

VNO Vornado
$73.37

-1.19 (-1.60%)

08/30/17
STFL
08/30/17
DOWNGRADE
STFL
Hold
Vornado downgraded to Hold from Buy at Stifel
08/30/17
08/30/17
DOWNGRADE
Target $77

Hold
Vornado downgraded to Hold as pipeline opportunities awaited at Stifel
As previously reported, Stifel analyst John Guinee downgraded Vornado to Hold from Buy, stating that the company's development pipeline "sounds intriguing" but is comprised entirely of 2019 and later deliveries, leaving Vornado lacking near-term catalysts. He cut his price target on the stock to $77 from $86.
08/30/17
08/30/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Otonomy (OTIC) downgraded to Neutral from Overweight at JPMorgan with analyst Anupam Rama citing the company's failed Phase 3 trial of Otividex. The analyst cut his price target for the shares to $8 from $28. 2. Arc Logistics (ARCX) downgraded to Hold from Buy at Stifel and SunTrust. 3. The Advisory Board (ABCO) downgraded to Hold from Buy at Canaccord with analyst Richard Close citing the announced transaction to split the company by selling the Healthcare business to UnitedHealth's (UNH) Optum unit and the Education Business to Vista Equity Partners. 4. CubeSmart (CUBE) downgraded to Market Perform from Outperform at Raymond James with analyst Jonathan Hughes saying he expects CubeSmart's outsized exposure to New York City MSA will be remain a headwind to revenue growth given elevated new supply coming online over the next 12-18 months. 5. Vornado (VNO) downgraded to Hold from Buy at Stifel with analyst John Guinee saying the company's development pipeline "sounds intriguing" but is comprised entirely of 2019 and later deliveries, leaving Vornado lacking near-term catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/17
SDLR
09/19/17
NO CHANGE
Target $90
SDLR
Buy
Toys 'R Us bankruptcy filing has no impact on Vornado, says Sandler ONeill
Sandler ONeill analyst Alexander Goldfarb noted that Vornado has already written its one-third stake in Toys 'R Us down to zero and has no financial obligations to the toy retailer, which means Toys' bankruptcy filing has no impact. The analyst, who separately trimmed his 2017 and 2018 FFO estimates for Vornado by 3c and 1c, respectively, keeps a Buy rating and $90 price target on the stock.

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