Scotiabank raised the firm’s price target on Vornado (VNO) to $38 from $33 and keeps a Sector Perform rating on the shares. The recent $3.5B financing for Rockefeller Center in Midtown Manhattan is the largest commercial mortgage-backed security deal of the year in the U.S. and solidifies the value of premier New York City office assets, the analyst tells investors. The firm believes improvements to the NYC lending market will benefit Vornado.
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