Citi Maintains Hold on Vornado Realty Trust

Citi is out with its report today on Vornado Realty Trust VNO, maintaining Hold. In its report, Citi writes, "With few exceptions, Vornado's alternative investments (such as mezzanine loans and equity investments) have generated attractive returns for shareholders. However, these investments alter the risk/reward profile, in our opinion, and valuation tempers our enthusiasm." Citi maintains a $97 PT on VNO. Shares of VNO closed Monday at $92.31.