In a report released today, Ronald Kamdem from Morgan Stanley maintained a Hold rating on Vornado Realty, with a price target of $28.00.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Ronald Kamdem has given his Hold rating due to a combination of factors, balancing stronger-than-expected core FFO and active capital returns against mixed fundamentals. While earnings modestly surpassed forecasts and share repurchases signal management’s confidence, the improvement came partly after expectations had already been reset lower, and leasing volumes fell short of what the market had hoped for.
At the same time, occupancy in New York assets is trending higher, but same-store NOI performance is uneven and leverage has ticked up, tempering the near-term outlook. With development spending reduced but key projects at 350 Park Avenue and the PENN District still needing clearer execution milestones, and with the price target kept unchanged at $28, Kamdem sees limited upside from current levels, supporting a neutral, Hold stance on VNO shares.
In another report released on April 30, Piper Sandler also maintained a Hold rating on the stock with a $28.00 price target.