Evercore ISI raised the firm’s price target on SL Green Realty to $47 from $46 and keeps an Underperform rating on the shares. Following Q1 results and the company’s conference call Thursday, the firm made a number of adjustments to its model, which increased its FY24 FFO per share estimate to $7.40 from $6.07, which Evercore notes sits slightly below the revised midpoint of $7.50. With the stock near $50, the firm sees limited total return potential despite the 6% dividend yield, the analyst tells investors.
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Read More on SLG:
- SL Green Realty Corp. Announces Common Stock Dividend
- Sl Green Realty Corp Clarifies Financial Disclosure Nuances
- SL Green Realty upgraded to Outperform from Market Perform at BMO Capital
- SL Green Realty raises FY24 FFO view to $7.35-$7.65 from $5.90-$6.20
- SL Green Realty reports Q1 FFO $3.07, consensus $2.17