BMO Capital analyst John Kim upgraded Vornado Realty to Outperform from Market Perform with a price target of $40, up from $29. Despite improving New York City office and retail fundamentals and a high-quality portfolio, Vornado has recently “been a show-me story,” the analyst tells investors in a research note. “It is now showing,” contends BMO. The firm cites high leasing volume with attractive rents, dispositions at trophy valuations enhancing net asset values, and execution on its major redevelopments in Penn Plaza for the upgrade.
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