Veris Residential (VRE, Financial) is on the verge of consolidating its ownership of Jersey City Urby by acquiring Urby’s approximately 25% stake in the apartment complex. The agreement values the building at $430 million, according to sources with knowledge of the transaction.
This strategic move will give Veris full control over the property, enhancing its portfolio in a lucrative real estate market. Having previously explored various options for the tower, the company is now set to own the entire structure, which is poised for future development and management under Veris's guidance.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 6 analysts, the average target price for Veris Residential Inc (VRE, Financial) is $19.79 with a high estimate of $26.00 and a low estimate of $17.00. The average target implies an upside of 25.90% from the current price of $15.72. More detailed estimate data can be found on the Veris Residential Inc (VRE) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Veris Residential Inc's (VRE, Financial) average brokerage recommendation is currently 2.2, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Veris Residential Inc (VRE, Financial) in one year is $19.47, suggesting a upside of 23.85% from the current price of $15.72. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Veris Residential Inc (VRE) Summary page.
