Vornado price target raised to $32 from $31 at Evercore ISI

Evercore ISI raised the firm’s price target on Vornado to $32 from $31 and keeps an Underperform rating on the shares following the Q2 results. Although the interest rate environment has improved with multiple rate cuts now on the table for late 2024, economic uncertainty surrounding a slowing economy remains persistent with higher unemployment and lower consumer spending being risks to watch over the coming months and quarters, the analyst tells investors in a research note. The firm continues to expect an uncertain macro-outlook and longer leasing decision timelines to hinder FFO growth.