Vornado price target raised to $38 from $37 at Truist

Truist raised the firm’s price target on Vornado (VNO) to $38 from $37 and keeps a Hold rating on the shares. The firm notes that the REIT’s NYU lease at 770 Broadway was a big step to start occupancy moving in the right direction, while leasing at PENN 2 should drive additional improvement, the analyst tells investors in a research note. Truist still warns however that Vornado has above-average financial leverage and by far the highest earnings multiple in its office coverage universe, due in part to significant non-income-producing land/development opportunities.