Piper Sandler analyst Alexander Goldfarb upgraded SL Green Realty to Overweight from Neutral with a price target of $41, up from $27. The analyst believes the availability rate in the Grand Central submarket will outperform Manhattan overall and many other markets given the decline in supply and renewed prominence of this prime suburban commuter hub. SL Green shares continue to trade at a discounted historic relative valuation and outsized short interest, the analyst tells investors in a research note. The firm believes the company should benefit from tenants who prize proximity of commuter convenience.
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