Piper cuts target for Vornado Realty Trust stock to USD 37.00

Published on 10/18/2026 at 13:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted FFO rose 19.60 percent year over year in the second quarter. November 2, 2026 is the next estimated results date for Vornado Realty Trust stock.

Analyst view and operating figures

On October 12, 2026, Piper Sandler reduced its Vornado target to USD 37.00.
Adjusted funds from operations rose 19.60 percent year over year in the second quarter of 2026.
Vornado is expected to report its next results on November 2, 2026.

VNO, US9290421091, Illustration mit AI erstellt.

Vornado Realty Trust (ISIN US9290421091) became the subject of a lower analyst valuation after MarketBeat reported on October 12, 2026, that Piper Sandler cut its price target from USD 44.00 to USD 37.00 while retaining a Neutral rating. The target change puts the analyst view closer to the stock's recent trading level and keeps valuation tied to the outlook for Manhattan office properties.

Target cut sharpens the valuation debate

The latest analyst action follows a mixed second-quarter operating picture. Vornado reported revenue of USD 462.24 million for the second quarter of 2026, up 4.70 percent from the prior-year quarter, while reported diluted earnings per share were USD 0.08.

Zacks reported on August 4, 2026, that adjusted funds from operations reached USD 0.67 per share, 19.60 percent higher year over year and 17.54 percent above consensus. New York same-store net operating income increased 11.90 percent, giving the operating data a stronger tone than the GAAP earnings figure.

What does the operating data mean?

The comparison is important for a real estate investment trust because leasing and property income can improve before reported earnings fully reflect redevelopment costs and non-cash charges. Vornado leased 348,000 square feet of New York office space in the second quarter at an initial rent of USD 107.24 per square foot, according to Zacks. Portfolio occupancy stood at 90.80 percent, including 92.20 percent for New York office properties.

Three dated valuation signals

On July 21, 2026, Mizuho raised its Vornado target from USD 34.00 to USD 42.00, according to MarketBeat. On August 4, 2026, Zacks reported adjusted funds from operations of USD 0.67 per share for the second quarter. On October 12, 2026, Piper Sandler cut its target from USD 44.00 to USD 37.00, according to MarketBeat.

Upcoming reporting date

MarketBeat lists November 2, 2026, as Vornado's next estimated earnings date. The same calendar gives December 31, 2026, as the fiscal year end, providing the next two dated reference points for the company.

Euro quote remains dated

The last available euro quote stood at EUR 30.40 on Tradegate on October 9, 2026 at 1:27 p.m. CEST. Vornado Realty Trust is a real estate investment trust focused on office and retail properties, with its primary listing on the NYSE and a major concentration in Manhattan.

The further course of trading is shown by the continuously updated real-time quote of Vornado Realty Trust stock.