Vornado price target raised to $40 from $38 at Truist

Truist raised the firm’s price target on Vornado (VNO) to $40 from $38 and keeps a Hold rating on the shares. The firm raised its FFO estimates as well, supported by continued leasing improvement in New York as well as lower interest rates, the analyst tells investors in a research note. Truist added that it expects healthy leasing activity and manageable near-term lease expirations to drive rising portfolio occupancy along with what should be very strong recent spreads, and that while cash flow has been trending down and the stock trades at premium earnings multiples, earnings growth should improve.