As previously reported, Piper Sandler upgraded Vornado to Neutral from Underweight with a price target of $30, up from $22, following quarterly results as NYC’s strengthening landscape is starting to flow into the company. The firm notes that the strength of leasing is driven by a few outsized deals coupled with potential for further retail monetizations, with 2025 looking to be a transitional year to FFO growth in 2026.
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