BMO Capital analyst John Kim lowered the firm’s price target on Vornado (VNO) to $29 from $31 and keeps a Market Perform rating on the shares. The firm is updating its model on the stock after the company’s latest Q1 results and given the current level of interest rates, though it also believes that Vornado is in an enviable position to benefit from a strengthening office market, with newly redeveloped, transit-oriented product and existing relationships with four major tech companies with growing presence in NYC, the analyst tells investors in a research note. During BMO’s Property Tour, the firm is now more convinced that Vornado is a likely candidate to land Apple (AAPL) or Amazon (AMZN) at the recently-redeveloped PENN2, the firm added.
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