Vornado price target lowered to $34 from $40 at Mizuho

Mizuho lowered the firm’s price target on Vornado (VNO) to $34 from $40 and keeps an Outperform rating on the shares. The firm says the “rapid progress” of AI models is a “potential disruptor” of office jobs and real estate demand. For the real estate investment trusts, “this is a problem, not for cash flows (for now), but for multiples,” the analyst tells investors in a research note. Mizuho’s analysis indicates that a small change in job growth can drive structurally higher vacancy, limiting rent growth. As such, it sees further downside in the group