Citigroup Raises PT on Vornado Realty Trust to $81.50
Citigroup has published a report on Vornado Realty Trust (NYSE: VNO) and has raised the price target on the company from $75 to $81.50.
In the report, Citigroup writes, "We reduced our 4Q FFO estimate to $1.15 from $1.19 (and, accordingly, FY2011 to $6.12 from $6.20), 2012 to $5.09 from $5.41 and 2013 to $5.06 from $5.39. These changes reflect VNO's 3Q results, greater negative impact from timing of BRAC move outs and dispositions in merch mart segment. We increased our price target to $81.50 from $75.00 to reflect higher peer valuations. We increase our applied AFFO multiple to 27x from 21x and FFO to 16x from 14x."
Citigroup maintains its Neutral rating on Vornado Realty Trust, which is currently trading down $0.73 from yesterday's $81.39 closing price.
