Evercore ISI downgraded Vornado to Underperform from In Line with a price target of $28, up from $23. With the stock up 36% year-to-date, driven in large part by an improving debt environment rather than better earnings growth from the core portfolio, the firm says the stock’s valuation has clearly re-rated “despite a mediocre leasing environment.” For the stock to re-rate higher, the firm thinks the market needs to see upward revisions to estimates, which have been difficult over the past 18 months, the analyst added.
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