UPDATE: ISI Raises PT on Vornado Realty to $93

ISI is out with its report today on Vornado Realty VNO, raising its PT from $91 to $93. In a note to clients, ISI writes, "Based on our $93 price target, we expect VNO to post a forward 12 month total return of +1%, compared to a +6% expectation for the REIT sector. VNO trades at a 5.8% implied cap rate which is in-line with the implied cap rate for the REIT group." ISI maintains Hold on VNO. Shares of VNO closed Friday at $94.96, up 0.64% from Thursday's close.