Scotiabank analyst Nicholas Yulico downgraded SL Green Realty to Underperform from Sector Perform with a price target of $34, down from $43, following the company’s investor day. While the stock already sold off 6% on the announced 13% dividend cut, SL Green’s balance sheet is "looking increasingly stressed" over the next year, with risks of additional future dividend cuts given its 100% estimated payout ratio in 2023, Yulico tells investors in a research note. Additionally, the operating outlook for New York City office has gotten more challenged into year-end, and occupancy guidance for 2023 may prove optimistic, says the analyst.
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Published first on TheFly
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