UPDATE: Stifel Reiterates Buy Rating, Raises PT on Vornado Realty Trust on Net Asset Value Update

In a report published Tuesday, Stifel analyst John Guinee reiterated a Buy rating on

, and raised the price target from $110.00 to $115.00. In the report, Stifel noted, “We continue to like Vornado as we think: 1) the VNO valuation is almost entirely via the net asset value (NAV) metric rather than FFO/FAD or other earnings valuation techniques, 2) NAV increases should continue to be generated via (known and unidentified) asset sales, 3) the Penn Plaza submarket, drafting off of strong Midtown South fundamentals and the Hudson Yards development, displays continued steady operations, and 4) VNO has an attractive valuation vs other Gateway City office REITs.” Vornado Realty Trust closed on Monday at $109.20.