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.
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