BofA hikes Veris Residential estimates to ‘Street high,’ upgrades to Buy

As previously reported, BofA analyst Joshua Dennerlein upgraded Veris Residential (VRE) to Buy from Neutral with a price target of $23, up from $20. After updating the firm’s model following Q3 earnings, the firm is increasing its 2025 FFO per share estimate to 65c from 59c and its 2026 estimate to 71c from 63c. The firm, which notes its estimates are “at a Street high,” believes the market is underestimating the internal growth profile and Veris’ ability to execute on its optimization initiatives.