UPDATE: JP Morgan Upgrades Vornado Realty Trust to Overweight on Sentiment Turnaround
JP Morgan upgraded Vornado Realty Trust (NYSE: VNO) from Neutral to Overweight and maintained a $95.00 price target.
JP Morgan noted, "Sentiment on the company has been negative for some time, but we think it's time for investors to take a look at the name, as management has done a good job of executing on asset sales/simplification, and it no longer trades at a premium to the peer group. Headline challenges do remain, to be sure, such as the so-far poor investment in JCP and inability to move forward with monetizing its Toys-R-Us investment, but the potential for acquisitions and projects like 220 CPS could offset."
Vornado Realty Trust closed at $82.73 on Tuesday.
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