Analyst Ronald Kamdem of Morgan Stanley maintained a Hold rating on SL Green Realty, with a price target of $52.00.
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Ronald Kamdem has given his Hold rating due to a combination of factors influencing SL Green Realty’s current financial standing and market activities. The company reported a favorable outcome in its investment activities, notably the repayment of a commercial mortgage investment and the sale of a property, which generated significant net proceeds. However, despite these positive developments, there are concerns regarding the company’s cash same-store net operating income, which showed a decline compared to the previous quarter.
Additionally, while SL Green Realty’s occupancy rates have shown improvement year-over-year, there was a slight decrease quarter-over-quarter, which may indicate challenges in maintaining consistent occupancy levels. The company has also raised its funds from operations guidance, suggesting optimism about future performance, but the modest upside and revisions in financial results suggest a cautious approach. These mixed signals in financial performance and market conditions contribute to the Hold rating, as investors are advised to consider these factors before making investment decisions.
In another report released on July 14, Scotiabank also maintained a Hold rating on the stock with a $71.00 price target.