Analyst John Kim of BMO Capital maintained a Buy rating on Vornado Realty (VNO – Research Report), retaining the price target of $46.00.
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John Kim has given his Buy rating due to a combination of factors that highlight Vornado Realty’s strategic positioning and potential for growth. The company’s recent performance, as reflected in a significant 51.3% increase in their ‘report card’ for 2024, suggests a strong recovery and momentum, despite a year-to-date decline of 24.5%. This positive outlook is further supported by the company’s focus on Class A office spaces in New York City, where Vornado estimates a substantial portion of the market is available with rising rent trends.
Additionally, Vornado’s development plans in the PENN District, including a notable lease agreement with Universal Music Group, indicate strong leasing activity and potential for increased revenue. The company’s strategic shift towards more multifamily developments also presents a promising avenue for growth, as highlighted in their recent communications. These factors collectively underpin John Kim’s confidence in Vornado Realty’s stock, leading to the Buy rating.