The Underweight rating suggests that Piper Sandler believes VNO's stock may underperform the broader market or its sector. However, the increase in the price target from $16 to $25 could imply that the analyst sees some factors that may limit the downside or even offer some potential for price improvement, albeit not enough to change the overall bearish stance. This news could lead to a mixed reaction in the short term as investors digest the implications of the new price target against the backdrop of the Underweight rating.