Vornado price target lowered to $28 from $32 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Vornado (VNO) to $28 from $32 and keeps an Equal Weight rating on the shares. Office REITs are the worst performing REIT subsector year-to-date, notes the analyst, who reduce targets across the group while also refreshing the firm’s analysis of job opening data across REIT markets.