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FBR Capital Upgrades SL Green Realty (SLG) to Market Perform; Magical Manhattan Mezzanine Math

April 5, 2011 8:15 AM EDT
Get Alerts SLG Hot Sheet
Price: $55.13 +2.59%

Rating Summary:
    9 Buy, 15 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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FBR Capital upgraded SL Green Realty (NYSE: SLG) from Underperform to Market Perform. PT increased from $74 to $79.

FBR analyst says, "Our investment thesis of Midtown Manhattan near-term weakness has been largely sidelined by management’s recent structured finance investment prowess (such as gains at 510 Madison & 280 Park Avenue) as well as continued heightened investment interest in the Midtown Manhattan market, ahead of a fundamental recovery. While the heightened investment interest in Class A, B Midtown office could translate to more lofty valuations of SLG (i.e., sub-5.0% cap rates) we believe valuation is full, suggesting a Market Perform rating."

For more ratings news on SL Green Realty click here and for the rating history of SL Green Realty click here.

Shares of SL Green Realty closed at $76.50 yesterday.


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