Mizuho upgraded Vornado (VNO) to Outperform from Neutral with a price target of $48, up from $38. The firm says that while the “easy money has been made” in 2024 for real estate investment stocks, it still sees “pockets of opportunity” in 2025. While Vornado has outperformed year-to-date, and headline multiples appear rich, the stock’s valuation adjusted for double-digit funds from operations growth is reasonable, the analyst tells investors in a research note. Mizuho believes the company’s liquidity profile allows for “offense” and adds its Street retail holdings are underappreciated.
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