Morgan Stanley upgraded Vornado (VNO) to Equal Weight from Underweight with a price target of $26, up from $24. Vornado and SL Green Realty (SLG) are in the best position to maintain or grow occupancy among the office real estate investment trusts, the analyst tells investors in a research note. The firm cites improving activity and funds from operations growth for the upgrade of Vornado. The company may be able to opportunistically sell assets and raise debt on unencumbered assets to further reduce leverage and improve liquidity, says Morgan Stanley.
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