JP Morgan Upgrades Vornado Realty Trust (VNO)
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.
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