Vornado price target raised to $39 from $38 at Evercore ISI

Evercore ISI raised the firm’s price target on Vornado to $39 from $38 and keeps an Outperform rating on the shares. While the magnitude of future Fed rate cuts remains open to debate, as does the pace of job growth and the ultimate impact on GDP growth, it is “clear that the interest rate path is one that is more favorable for the CRE space and REITs overall,” contends the analyst while “tweaking” valuation inputs for the firm’s REIT coverage ahead of the upcoming Fed easing cycle.