SL Green Realty price target raised to $49 from $47 at Evercore ISI

Evercore ISI raised the firm’s price target on SL Green Realty to $49 from $47 and keeps an Underperform rating on the shares. Given the continued uncertainty over the pace of leasing, office REITs were a big laggard in Q2, dropping 5.1%, notes the analyst, who further points out that the firm’s Q2 estimates are 1.6% above consensus on average for the group. However, the “bigger issue” is the fact that the firm’s 2025 FFO estimates are more than 3% below the Street view, driven in large part by elevated refinancing rates, but also by slower lease ups on development projects, the analyst tells investors.