Evercore ISI analyst Steve Sakwa downgraded SL Green Realty to Underperform from In Line with an unchanged price target of $44. The stock has re-rated given the company’s “aggressive” asset disposition strategy but at this point the shares more fairly reflect fair value and there are better risk/reward opportunities in the real estate investment trust market, the analyst tells investors in a research note. The firm believes the majority of the good news has now been priced into the stock.
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