BMO Capital analyst John Kim downgraded Vornado Realty to Underperform from Market Perform with a price target of $18, down from $26. The analyst estimates Vornado has near-term lease expirations of 10.5% in 2023, followed by 5.6% in 2024 for a combined 16.1%, higher than other New York City landlords. The firm estimates the company’s earnings will be significantly impacted by higher interest expenses and lower occupancy.
Published first on TheFly
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