Zacks Investment Research upgraded shares of Vornado Realty Trust (VNO) from NEUTRAL to OUTPERFORM on January 23, 2015, with a target price of $138.00.
We are upgrading our recommendation on Vornado to Outperform from Neutral due to the positive synergies coming out from the recent spin-off. The spin-off of Urban Edge Properties is a part of Vornado's efforts to streamline its business and will help the company to focus exclusively on office properties and retail assets in Washington and Manhattan. In fact, this spin-off is an outcome of Vornado's decision to separate two businesses, which remained together for legacy reasons but with no real operating synergies. Moreover, helped by better strategic portfolio repositioning and leasing activities, Vornado's third-quarter 2014 FFO per share came ahead of the Zacks Consensus Estimate. Also, the New York portfolio is projected to grow which is encouraging.
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