The firm set an initial price target of $115 for the New York-based real estate trust.
Credit Suisse said, "our underperform rating on SLG is driven primarily by valuation with the stock trading almost flat to [net asset value], or an implied cap rate of 4.7%"
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"The company has the highest percentage exposure to NYC office market in the [real estate investment trust] sector, a market that should continue to see low cap rate s/high valuations due to continued capital inflows from abroad," said Credit Suisse analyst Ian Weissman.
Separately, TheStreet Ratings team rates SL GREEN REALTY CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SL GREEN REALTY CORP (SLG) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, revenue growth, reasonable valuation levels and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."