JP Morgan Keeps Neutral Rating On VNO

Analysts at J.P. Morgan kept its Neutral rating on shares of Vornado Realty Trust (

), but raised its price target to $81 from $71. In its report, J.P. Morgan stated, "While VNO has a strong track record for generating growth and value creation, our Neutral rating stems from VNO’s relative premium to its peers on an NAV and cash flow (AFFO) basis, as well as negative sentiment surrounding its exposure to a weakening NYC office market." Vornado Realty Trust operates as a real estate investment trust (REIT).