Credit Suisse Neutral On Vornado Realty Trust

Credit Suisse is out with a research report on Vornado Realty Trust VNO, and it has a Neutral rating and a $101 price target on shares. In a note to clients, Credit Suisse writes, "We estimate mid single digit FFO (Funds from Operations) growth for Vornado from 2012 through 2015 on a comparable basis, similar to the REIT sector average. Our model explicitly assumes some earnings upside from development (the company's 1Q11 capitalized interest was 0). However, NOI (Net Operating Income) headwinds from D.C. lease expirations offset potential growth." Shares of VNO closed at $92.32 yesterday.