SL Green Realty price target lowered to $51 from $61 at Scotiabank

Scotiabank lowered the firm’s price target on SL Green Realty (SLG) to $51 from $61 and keeps an Outperform rating on the shares. The firm is updating its price targets for U.S. Real Estate & REIT stocks under its coverage following Q4 results, the analyst tells investors. Scotiabank believes REITs should be raising target development yields to focus on near-term funds from operations per share impact and believes external growth from acquisitions offer a “better thematic story,” the firm adds.