Increase In Price TargetThe analyst is increasing the 12-month price target to $40 from $38, based on a discounted cash flow and projected NAV.
Leasing ActivityNY Office leasing activity accelerated significantly, driven by a major lease with NYU at 770 Broadway.
Leasing ImprovementThe analyst is raising FFO estimates and price target, supported by continued leasing improvement in New York as well as lower interest rates.