SL Green Realty price target lowered to $70 from $84 at BTIG

BTIG analyst Thomas Catherwood lowered the firm’s price target on SL Green Realty to $70 from $84 but keeps a Buy rating on the shares. The company’s sale of a 49.9% stake in 245 Park Avenue at a $2.0B gross valuation is a significant milestone for SL Green as it addresses nearly half the asset sales planned for 2023 and more than covers the company’s share of redevelopment costs at 245 Park, the analyst tells investors in a research note. The firm adds that the general sentiment and daily headlines suggest that office leasing, financing, and valuations are facing an “existential and insurmountable crisis”, but BTIG contends that office REITs stand to benefit from a “flight to stability” by tenants.