On Wednesday analysts at Citigroup upgraded real estate investment trust Vornado Realty Trust (VNO).
The analysts upgraded VNO to “Buy” from “Neutral” with a price target of $85. The target is a +13.3% upside to Tuesday’s closing price of $74.98.
Citigroup said it believes VNO is in a position to improve as the stock’s value is overly discounted.
Vornado shares were flat in premarket trading on Wednesday. The stock is -2.45% year-to-date.
The Bottom Line
Shares of Vornado Realty Group (VNO) have a 3.68% dividend yield, based on last night’s closing stock price of $74.98. The stock has technical support in the $71-$72 price area. If the shares can firm up, we see overhead resistance around the $80 price level.
Vornado Realty Trust (VNO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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