John Kim, an analyst from BMO Capital, reiterated the Buy rating on SL Green Realty. The associated price target remains the same with $76.00.
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John Kim’s rating is based on several factors that highlight SL Green Realty’s strong performance and growth potential. The company’s office leasing activities are robust, with increasing cash lease spreads and occupancy rates moving towards the mid-90% range. This indicates a healthy demand for their properties, which is further supported by active negotiations and a substantial leasing pipeline.
Additionally, SL Green Realty is actively pursuing external growth opportunities through acquisitions, development land, and new funds. A significant potential development is the acquisition of a New York casino license, which could be a major milestone for the company. These strategic initiatives, combined with the demand from AI tenants at key properties, underscore the company’s positive outlook and justify the Buy rating.
According to TipRanks, Kim is an analyst with an average return of 0.0% and a 46.87% success rate. Kim covers the Real Estate sector, focusing on stocks such as BXP, SL Green Realty, and Sun Communities.
In another report released today, Citi also upgraded the stock to a Buy with a $70.00 price target.