Vornado Realty Trust (VNO · NYSE)

Vornado shares have fallen 9.7% over the past month to $34.90, with RSI at 24 and volume running 2.1x the 20-day average, though the stock remains 4.6% above its 200-day moving average. The company beat estimates in three of its last four quarters, including the most recent ($0.67 reported vs. $0.57 expected), but earnings are down 97.8% year over year on a thin 3.6% profit margin, and leverage stands at 11.7x debt/EBITDA on $9.06B of total debt. Quarterly revenue has been essentially flat, moving from $453.7M in September 2025 to $462.2M in June 2026, while EBITDA jumped to $303.6M in the latest quarter from $191.6M the prior quarter. Analyst targets cluster around $39–$41 following recent updates from Scotiabank and JPMorgan, versus the $40.15 consensus, and leasing activity at Penn 1 and the revised 15 Penn design point to continued Penn District momentum.