Truist raised the firm’s price target on SL Green Realty to $55 from $47 and keeps a Hold rating on the shares. The firm is raising its 2024 FFO estimate to $7.53 per share from $7.35, largely driven by higher fee income and higher Summit operator income, and also raising its 2025 FFO estimate to $4.84, which it notes is still below the $5.07 per share consensus. The firm is raising FFO estimates mostly because it believes it had underestimated SL Green’s fee and ancillary income streams, the analyst tells investors.
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