Cantor Fitzgerald Starts SL Green Realty (SLG) at Buy; Growth Through JV's and Retail Acquisitions

Cantor Fitzgerald initiates coverage on SL Green Realty (NYSE: SLG) with a Buy. PT $84.00.

Analyst, Sri Nagarajan, said, "SL Green has been active in 2010-11, acquiring an aggregate of $3.9 billion. We estimate SL Green’s current line of credit availability at more than $1.1 billion. However, with a 2012 objective of reducing debt to EBITDA to below 8x, we anticipate the company will acquire value-add/retail assets in joint ventures over the next 18-24 months. We believe that because pricing in Midtown Manhattan has become competitive, SL Green may selectively move into strengthening submarkets, such as Midtown South and downtown."

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 $77.48 yesterday.

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