Vornado price target lowered to $24 from $25 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on Vornado to $24 from $25 and keeps an In Line rating on the shares. As part of the firm’s Q3 office REITs preview, the analyst “slightly increased” estimates for FY23 and continues to “selectively recommend a few office REITs.” However, even though the firm is hearing about some green shoots in a few markets like San Francisco and New York, the firm needs to see better leasing activity in order to believe the Q3 rally is sustainable, the analyst added.