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Scotiabank downgrades SL Green with balance sheet looking ‘stressed’
The Fly

Scotiabank downgrades SL Green with balance sheet looking ‘stressed’

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.

Published first on TheFly

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