Truist lowered the firm’s price target on Vornado to $26 from $30 and keeps a Hold rating on the shares. The firm is reducing its 2024 and 2025 FFO estimates by 14c and 45c to $2.37 and $2.54 respectively, primarily due to some tenant move-outs this year and assumed higher-for-longer interest rates, the analyst tells investors in a research note. Truist adds that its Hold rating reflects the stock’s strong recent outperformance and its resulting premium relative valuation.
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