Vornado price target raised to $18 from $12 at Citi

Citi raised the firm’s price target on Vornado to $18 from $12 and keeps a Sell rating on the shares. The firm updated its model for the company’s Q3 results as well as updated operating, financing, and transaction assumptions. The analyst is assuming a higher multiple given Vornado’s execution on refinancings “that have de-risked some of the negative catalysts.”