UBS Reiterates a 'Neutral' on SL Green Realty (SLG); Raising Numbers, But Recent Stock Move Prices It In

UBS reiterates a 'Neutral' on SL Green Realty (NYSE: SLG), PT increased from $76 to $83.

UBS analyst says, "As was the case in 2006 and early 2007, shares of SL Green are surging on the back of a rising NAV thanks to rising Manhattan rents and falling cap rates. The improvement in Manhattan rents and values has occurred faster than we anticipated. While the 30x AFFO multiple, still elevated 8x debt/EBITDA multiple, and lack of a “real” dividend are concerning, SL Green has once again proven to be a pure play on Manhattan office values." (UBS raises FY11 EPS estimate from $4.17 to $4.78 and FY12 from $4.24 to $4.31)

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 $80.97 yesterday.

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