Jefferies Downgrades SL Green Realty (SLG) to Hold

Jefferies downgraded SL Green Realty (NYSE: SLG) from Buy to Hold with a price target of $78.00.

The firm comments, "SLG's stock price has run up 16% year to date, and currently trades at an implied cap rate of 5.6% and an AFFO multiple of 28x. We like the story and the earnings growth potential, but believe that valuation is full at this level. We are downgrading to a Hold, but continue to prefer SLG over BXP as that stock trades at a sub-5% implied cap rate."

For an analyst ratings summary and ratings history on SL Green Realty click here. For more ratings news on SL Green Realty click here.

Shares of SL Green Realty closed at $77.22 yesterday.

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