Citi analyst Michael Griffin upgraded SL Green Realty to Neutral from Sell with a price target of $66, up from $44. The firm’s previous Sell rating on the New York Citi focused office REIT was based on the firm’s view of weak office fundamentals, elevated debt maturities that could prove harder to refinance, and execution risk for business plan as catalysts for a downgrade, but since then New York has “proven to be the strongest gateway office market, both in terms of leasing and tenant demand,” the analyst tells investors.
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