BMO Capital upgraded SL Green Realty to Outperform from Market Perform with a price target of $58, up from $56. New York City office is one of the few real estate investment trust subsectors seeing improved demand and SL Green continues to exhibit strong leasing momentum, which will lead to improved occupancy, the analyst tells investors in a research note. The firm sees positive leading indicators for New York City office, including higher utilization and increasing market share for relocating tech workers and college grads. SL Green’s biggest risk is its high leverage and debt maturities, which the company has been addressing effectively, says BMO.
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