Vornado price target raised to $40 from $31 at Truist

Truist raised the firm’s price target on Vornado (VNO) to $40 from $31 and keeps a Hold rating on the shares. The stock has repriced to reflect optimism regarding the New York office market, including leasing prospects for PENN 2, the analyst tells investors in a research note. Truist adds that it projects very strong near-term growth for the REIT, though Vornado’s 2027 FFO and FAD multiples are the highest in its office REIT coverage universe.