Vornado price target raised to $48 from $42 at BofA

BofA analyst Camille Bonnel raised the firm’s price target on Vornado (VNO) to $48 from $42 and keeps a Neutral rating on the shares after the company announced a master lease with NYU for its 1.1M SF office space at 770 Broadway. The firm expects Vornado will lease most of the vacant space at PENN 2 over the next few quarters, which means rent will likely commence in 2026, and it raised it Vornado estimates, but reiterates a Neutral rating on valuation.