Vornado price target lowered to $29 from $34 at Truist

Truist lowered the firm’s price target on Vornado (VNO) to $29 from $34 and keeps a Hold rating on the shares. Despite improved REIT office leasing and lower stock prices, sector optimism remains tempered by weaker-than-expected macro conditions, leading to reduced price targets implying only modest FFO multiple expansion, the analyst tells investors in a research note.