Bank of America Securities analyst Jana Galan has reiterated their neutral stance on SLG stock, giving a Hold rating on July 22.
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Jana Galan’s rating is based on a detailed analysis of SL Green Realty’s asset portfolio and market conditions. The evaluation highlights a significant variation in office property fundamentals across different submarkets and classes, prompting a granular approach to assessing the Net Asset Value (NAV) of each building in the company’s portfolio. This analysis identifies properties with substantial equity value that could be leveraged for future funding, as well as assets requiring recapitalization.
Despite the robust leasing and investment sales market in New York City, there are concerns about potential policy changes following the recent mayoral primary, which could impact real estate zoning and taxes. Additionally, while some properties like One Vanderbilt and 1185 Avenue of the Americas are valuable, others such as Worldwide Plaza and 245 Park Avenue need capital improvements. These factors, combined with a slight decrease in the price objective from $66 to $64, contribute to the Hold rating, reflecting a balanced view of potential risks and opportunities.
According to TipRanks, Galan is a 2-star analyst with an average return of 6.5% and a 42.86% success rate.
In another report released on July 22, Jefferies also maintained a Hold rating on the stock with a $57.00 price target.