Vornado, Goldman Sachs: S&P Gainers
The S&P ticked down 0.69 points, or 0.05%, to 1,369.57 on a mixed day of trading.
Shares of Vornado rose 2.76% to $82.15 on Monday. The real estate investment trust's chairman, Steven Roth, wrote in an annual investor letter that Vornado intends to decrease its enclosed-mall holdings and sell any non-core assets, according to Bloomberg. One of these non-core assets is a stake in Toys R Us.
Roth also noted in that letter that "everything is on the table."Vornado has an estimated price-to-earnings ratio for next year of 49.64X; the average for industrial and office REITs is 50.07X. For comparison, Boston Properties (BXP) has a higher forward P/E of 62.32X. Ten of the 14 analysts who cover Vornado rate it at hold. Three analysts give the stock a buy rating and one rates it sell. TheStreet Ratings gives Vornado a B- grade with a buy rating and $93.59 price target. The stock has risen 6.88% year to date.
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