Vornado price target lowered to $37 from $40 at Evercore ISI

Evercore ISI analyst Steve Sakwa lowered the firm’s price target on Vornado (VNO) to $37 from $40 and keeps an Outperform rating on the shares. Office REITs have sharply underperformed year-to-date as AI disruption fears and higher rates have driven sector multiples to deep discounts, the analyst tells investors. The firm trimmed estimates for FY26 and FY27 FFO “slightly” ahead of Q1 reports from the group, the analyst tells investors in a preview.