Morgan Stanley raised the firm’s price target on Vornado to $24 from $12 and keeps an Underweight rating on the shares. While 23% rally since October was driven by higher levered REITs, Morgan Stanley sees another leg higher with rate-sensitive sectors leading, the analyst tells investors in a research note. The firm views the office REIT rally as on its last leg, and sees potential benefits to storage REITs if home sales rise.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on VNO:
- Vornado just upgraded at BMO Capital, here’s why
- Vornado upgraded to Market Perform from Underperform at BMO Capital
- Vornado just downgraded at Evercore ISI, here’s why
- Vornado Declares Common Dividend of $.30 Per Share
- SL Green and Vornado Announce 270,000-Square-Foot Lease with a Premier Financial Services Tenant at 280 Park Avenue