Piper Sandler analyst Alexander Goldfarb lowered the firm’s price target on Vornado (VNO) to $36 from $38 and keeps a Neutral rating on the shares. The firm’s concerns about Vornado’s capital plans took a breather following Tuesday’s earnings call as management kept its flexibility up front, while also reminding folks the earnings ramp occurs over years. Piper’s focus on the single Q4 dividend declaration remains, as it views the payment an indication of the fiscal health of a REIT, while also a key component of generating total return.
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