UPDATE: Imperial Capital Downgrades Vornado Realty Trust to In-Line, Reiterates $96 PT Following 4Q13 Earnings Report

In a report published Wednesday, Imperial Capital analyst David Harris downgraded the rating on

from Outperform to In-Line, but reiterated the $96.00 price target. In the report, Imperial Capital noted, “We are lowering our rating to In Line from Outperform; maintaining our one-year price target of $96 for the shares of VNO, following 4Q13 earnings. VNO's stock is close to reaching our price target and we think further outperformance might be a challenge from the current valuation. Achieving our price target, together with receipt of the current dividend, would generate a potential total return of +4% over 12 months, which is at the upper end of return expectations among the REITs.” Vornado Realty Trust closed on Tuesday at $94.67.