Vornado Realty Trust

VNO · NYSE

$33.11+$0.92 (+2.86%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $32.19

VNO analyst rating

HoldConsensus of 12 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy4
Hold5
Underperform3
Sell0

12-month price target · 15 analysts

Average $40.80 (+23.2% upside)

Low: $31.31
Now: $33.11
High: $52.50

Upgrades and downgrades

The latest rating actions, newest first

VNO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 12, 2026	Maintains	Neutral	$44.00 → $37.00	44%
Evercore ISI Group	Sep 21, 2026	Maintains	Outperform	$46.00 → $43.00	45%
Truist Securities	Sep 21, 2026	Maintains	Hold	$39.00 → $35.00	45%
Scotiabank	Sep 17, 2026	Maintains	Sector Perform	$41.00 → $39.00	47%
JP Morgan	Sep 15, 2026	Maintains	Neutral	$37.00 → $39.00	58%
Scotiabank	Sep 2, 2026	Maintains	Sector Perform	$40.00 → $41.00	47%
Citigroup	Aug 10, 2026	Maintains	Neutral	$34.00 → $40.00	44%
Piper Sandler	Aug 5, 2026	Maintains	Neutral	$42.00 → $44.00	44%
Evercore ISI Group	Aug 5, 2026	Maintains	Outperform	$45.00 → $46.00	45%
Morgan Stanley	Jul 22, 2026	Downgrade	Equal-Weight → Underweight	$32.00	56%

The case for and against

Updated Jun 2, 2026

Bull case

Vornado Realty Trust is a well-positioned and well-diversified real estate investment trust with a strong portfolio of assets in New York City, Chicago, and San Francisco. The company's focus on high-quality office, retail, and multifamily properties, combined with its developer role in the new Penn District development, provide a solid foundation for long-term growth and stability. The company's recent earnings call highlighted its solid leasing and signed rental growth, while keeping financial flexibility and the potential for buybacks and JV partnerships on the table.

Bear case

Vornado Realty Trust is facing challenges with its potential PENN 15 project, as it requires significant capital commitments and anchor tenants to proceed. Additionally, the potential for the company to exercise its option for a stake in a JV with Citadel at 350 Park Avenue may not be as attractive as initially thought due to potential leasing uncertainties and the need for demolition. These factors may lead to a decrease in FFO estimates and a lowered price target, indicating a more cautious outlook on the stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.