Truist lowered the firm’s price target on SL Green Realty to $42 from $47 but keeps a Buy rating on the shares. The firm is reducing its 2023 FFO estimate for the company to reflect the 27c per share s of one-time severance and accelerated stock vesting expenses in Q4, and also lowering its 2024 estimate mostly due to higher-for-longer interest rates and more conservative disposition timing assumptions, the analyst tells investors in a research note. The firm adds however that SL Green Realty stock is still significantly undervalued, even if it is no longer its favorite in the office sector.
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Read More on SLG:
- SL Green Realty price target lowered to $46 from $48 at Piper Sandler
- SL Green Realty Corp. Announces Common Stock Dividend
- SL Green Realty reports Q3 FFO $1.27, consensus $1.28
- SL Green Realty Corp. Reports Third Quarter 2023 EPS of ($0.38) Per Share; and FFO of $1.27 Per Share
- SL Green Realty options imply 6.2% move in share price post-earnings