Vornado price target lowered to $38 from $39 at Piper Sandler

Piper Sandler lowered the firm’s price target on Vornado (VNO) to $38 from $39 and keeps a Neutral rating on the shares. The firm notes the company reminded that earnings growth won’t come until 2027 given the lead times of CBD office leasing and the company’s efforts to bolster its balance sheet. Piper adds that the stock’s selloff “hopefully gets folks to realign.”