SL Green Realty Corp. Rating Lowered to Hold at Cantor Fitzgerald (SLG)
SL Green Realty Corp. (NYSE:SLG) was downgraded by Cantor Fitzgerald from a “buy” rating to a “hold” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. They currently have a $99.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 4.57% from the stock’s previous close.
The analysts wrote, “Although we continue to favor CBD office assets over suburban, given stronger fundamentals and an expectation for more stable forward cap rates, we believe this is now likely a consensus view – which has led to a run-up in SLG’s share price; we now view valuation as fair and downgrade shares to HOLD from BUY. Despite the more neutral stance, we believe the overall Manhattan office market remains stable and improving, with an increasingly diversified employment base and continued global capital inflows. SL Green remains well positioned in the growing Midtown South market, as it continues to successfully generate 1x investment returns amidst a measured redev./repos. pipeline. Downside risks would include the mezz. portfolio (should rates become unhinged), and growing supply levels that could hamper rent growth.”
SLG has been the subject of a number of other recent research reports. Analysts at Jefferies Group cut their price target on shares of SL Green Realty Corp. from $98.00 to $96.00 in a research note to investors on Wednesday, September 18th. They now have a “hold” rating on the stock. Separately, analysts at Cowen and Company downgraded shares of SL Green Realty Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday, September 12th. They now have a $87.00 price target on the stock, down previously from $105.00. Finally, analysts at TheStreet downgraded shares of SL Green Realty Corp. to a “hold” rating in a research note to investors on Monday, August 19th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $93.13.
SL Green Realty Corp. (NYSE:SLG) traded up 0.29% during mid-day trading on Friday, hitting $94.94. The stock had a trading volume of 137,839 shares. SL Green Realty Corp. has a 1-year low of $70.73 and a 1-year high of $95.83. The stock’s 50-day moving average is $89.66 and its 200-day moving average is $89.47. The company has a market cap of $8.732 billion and a P/E ratio of 157.00.
SL Green Realty Corp. (NYSE:SLG) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.42 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.94 earnings per share. SL Green Realty Corp.’s revenue was up 6.0% compared to the same quarter last year. Analysts expect that SL Green Realty Corp. will post $5.03 EPS for the current fiscal year.
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.
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