Vornado price target raised to $33 from $32 at Scotiabank

Scotiabank raised the firm’s price target on Vornado (VNO) to $33 from $32 and keeps a Sector Perform rating on the shares. The firm is updating its price targets for U.S. Real Estate & REITs under its coverage following Q1 results, the analyst tells investors. Q1 results highlight a “robust start” to the year for NYC Office leasing, while broker checks point to strong current tenant demand across alternative asset managers, banks, and tech firms. Meanwhile, for Multifamily, rent growth has been mixed across the Sunbelt, with most markets remaining below 2015-2019 occupancy levels