BMO Capital upgraded Vornado Realty to Market Perform from Underperform with a price target of $31, up from $25. The analyst has a favorable view of real estate investment trust performance in 2024, largely due to BMO’s view the 10-year will decline to 3.5% by year-end 2024, the analyst tells investors in a research note. The firm says the more benign interest rate backdrop will likely continue to benefit Vornado, “which has a high-quality portfolio, but with high leverage and near-term maturities.”
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