Cowen and Company Downgrades SL Green Realty Corp. to Market Perform (SLG)
SL Green Realty Corp. (NYSE:SLG) was downgraded by equities research analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, AnalystRatingsNetwork.com reports. They currently have a $87.00 target price on the stock, down from their previous target price of $105.00. Cowen and Company’s price objective would indicate a potential downside of 2.49% from the stock’s previous close.
SL Green Realty Corp. (NYSE:SLG) traded down 1.76% on Thursday, hitting $89.22. 611,609 shares of the company’s stock traded hands. SL Green Realty Corp. has a 52 week low of $70.73 and a 52 week high of $95.83. The stock has a 50-day moving average of $88.90 and a 200-day moving average of $88.44. The company has a market cap of $8.206 billion and a P/E ratio of 150.61.
SL Green Realty Corp. (NYSE:SLG) last announced its earnings results on Thursday, July 25th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.15. The company had revenue of $365.15 million for the quarter, compared to the consensus estimate of $288.45 million. During the same quarter in the previous year, the company posted $1.94 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts predict that SL Green Realty Corp. will post $5.01 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet downgraded shares of SL Green Realty Corp. (NYSE:SLG) to a “hold” rating in a research note to investors on Monday, August 19th. Separately, analysts at ISI Group upgraded shares of SL Green Realty Corp. (NYSE:SLG) from a “cautious” rating to a “neutral” rating in a research note to investors on Wednesday, August 7th. Finally, analysts at Stifel Nicolaus raised their price target on shares of SL Green Realty Corp. (NYSE:SLG) from $95.00 to $97.00 in a research note to investors on Friday, July 26th. They now have a “buy” rating on the stock.
Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $92.94.
SL Green Realty Corp., incorporated on June, 10, 1997, is a self-managed real estate investment trust (NYSE:SLG), with in-house capabilities in property management, acquisitions, financing, development, construction and leasing.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.