Vornado Realty Trust Acquisition: Vornado Realty Trust is set to acquire a 36-story office condominium above Saks Fifth Avenue for $218 million, with plans to transform it into a boutique office tower by 2027.
Market Positioning: The property, currently 75% vacant, is strategically located in Midtown Manhattan, an area that continues to attract high-profile tenants despite challenges in the broader office market.
Flight-to-Quality Trend: Vornado's strategy aims to capitalize on the trend of tenants seeking redeveloped, high-quality office spaces in prime locations, potentially unlocking significant long-term value.
Portfolio Expansion: This acquisition enhances Vornado's presence in Midtown, adding to its collection of prestigious assets and signaling confidence in the area's recovery and evolving tenant preferences.
VNO
$34.46+Infinity%1D
Analyst Views on VNO
Wall Street analysts forecast VNO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for VNO is 38.91 USD with a low forecast of 28.00 USD and a high forecast of 46.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
Wall Street analysts forecast VNO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for VNO is 38.91 USD with a low forecast of 28.00 USD and a high forecast of 46.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
6 Hold
3 Sell
Hold
Current: 34.790
Low
28.00
Averages
38.91
High
46.00
Current: 34.790
Low
28.00
Averages
38.91
High
46.00
Evercore ISI
analyst
Outperform
downgrade
$43 -> $42
2025-12-15
New
Reason
Evercore ISI
analyst
Price Target
$43 -> $42
2025-12-15
New
downgrade
Outperform
Reason
Evercore ISI lowered the firm's price target on Vornado to $42 from $43 and keeps an Outperform rating on the shares. More insights than expected emerged at the NAREIT conference, including notable positive shifts in the REIT landscape, says the analyst in a noted on the group. The NAREIT conference revealed a more optimistic outlook for office and industrial sectors, while challenges remain in residential and storage segments, the analyst added.
Truist
Michael Lewis
Hold
downgrade
$40 -> $36
2025-12-15
New
Reason
Truist
Michael Lewis
Price Target
$40 -> $36
2025-12-15
New
downgrade
Hold
Reason
Truist analyst Michael Lewis lowered the firm's price target on Vornado to $36 from $40 and keeps a Hold rating on the shares. The firm is only slightly lowering its 2026 FFO estimate to $2.39ps from $2.44ps, even though management suggested core FFO is likely to be flattish versus 2025. Next year's earnings will be impacted by expected asset sales and taking some Seventh Avenue retail offline for redevelopment. Truist's pricing/timing assumptions regarding those items could prove to be optimistic, and the firm is also assuming significant debt repayment, which could become refinancings instead as Vornado tends to keep a relatively high cash balance.
Mizuho
Vikram Malhotra
Outperform
to
Outperform
downgrade
$43 -> $40
2025-12-12
New
Reason
Mizuho
Vikram Malhotra
Price Target
$43 -> $40
2025-12-12
New
downgrade
Outperform
to
Outperform
Reason
Mizuho analyst Vikram Malhotra lowered the firm's price target on Vornado to $40 from $43 and keeps an Outperform rating on the shares. The firm adjusted targets in the office real estate investment trust group as part of its 2026 outlook. Mizuho sees the office sector as s fairly valued, especially on a risk-premium basis, and given limited earnings growth, it remain neutral the REIT sub-sector.
JPMorgan
Underweight -> Neutral
upgrade
$41
2025-11-24
Reason
JPMorgan
Price Target
$41
2025-11-24
upgrade
Underweight -> Neutral
Reason
JPMorgan upgraded Vornado to Neutral from Underweight with an unchanged price target of $41. The firm says the stock's recent pullback opens up an opportunity while the company's fundamentals continue to show strength. New York City's office market has shown strength and Vornado has continued to lease space at attractive rents, the analyst tells investors in a research note.
About VNO
Vornado Realty Trust is a fully-integrated real estate investment trust (REIT). The Company conducts its business through, and substantially all its interests in properties are held by, Vornado Realty L.P. Its portfolio is concentrated on premier office and high street retail properties in New York City. Its segments include New York and Other. Its New York segment consisted of approximately 26.4 million square feet in 64 properties. The 26.4 million square feet comprises over 20.1 million square feet of Manhattan office in 30 of the properties, 2.4 million square feet of Manhattan street retail in 49 of the properties, 1,330 units in two residential properties, and its 32.4% interest in Alexander’s, which owns five properties in the greater New York metropolitan area. It also includes nine garages totalling over 1.6 million square feet (4,685 spaces). Its Real Estate and Investments consists of over 3.7 million square foot THE MART in Chicago.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
