As previously reported, Barclays analyst Brendan Lynch upgraded SL Green Realty to Equal Weight from Underweight with a price target of $48, up from $35. The company has led the office industry in changing the narrative around post-Covid office demand, but while the continued leasing momentum could propel the stock higher, its balance sheet constraints keep the firm on the sidelines, the analyst tells investors in a research note. SL Green Realty has the weakest balance sheet in the firm’s coverage, but it stands to benefit the most if/when the Fed cuts interest rates, Barclays added.
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