SL Green Realty resumed with a Sell at Goldman Sachs

Goldman Sachs resumed coverage of SL Green Realty with a Sell rating and $18 price target. The market understands the trophy asset that SL Green recently built at One Vanderbilt, but in the current environment, it will be more focused on the company’s relatively higher leverage, near-term debt maturities, and interest rate risk on refinancings, the analyst tells investors in a research note. As a result, the firm believes the stock’s multiple will continue to be pressured.