JP Morgan Upgrades Vornado Realty Trust (VNO)

JP Morgan Upgrades Vornado Realty Trust (VNO)

RSS

JP Morgan reported on Wednesday that they have upgraded real estate investment trust (REIT), Vornado Realty Trust(VNO).

The firm has increased their rating on VNO from “Neutral” to “Overweight,” and has reaffirmed their $95 price target. This price target suggests a 15% increase from the stock’s current price of $82.68.

An analyst from the firm commented, “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 shares were mostly flat during Wednesday morning trading. The stock has increased 4% in the past year.

The Bottom Line
Shares of Vornado Realty Trust (VNO) have a 3.34% dividend yield, based on last night’s closing stock price of $82.73. The stock has technical support in the $75-$78 price area. If the shares can firm up, we see overhead resistance around the $85-$86 price levels.

Vornado Realty Trust(VNO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Free Updates

Join over 100,000 investors who get the latest news from Dividend.com.

Best Dividend Stocks

Looking for stocks that are poised for growth and pay solid dividends? Visit our list of the:

Best Dividend Stocks

Partner Center

Best CD Rates

Sitting on some extra cash and looking for the most current and profitable CD Rates?

Get The Best CD Rates

14 Day Free Trial

Earn more from your dividend portfolio within the next 14 days.

Sign Up Today