BMO Capital lowered the firm’s price target on SL Green Realty (SLG) to $60 from $63 and keeps an Outperform rating on the shares. The disconnect between the REIT’s operations and earnings growth was on display at its Investor Conference, with FY26 FFO per share guidance introduced at $4.55 midpoint, below $4.78 BMO estimate, primarily from $2.5B dispositions to improve its balance sheet, making a dividend cut more likely, the analyst tells investors in a research note. The firm remains at Outperform on the stock however given its discounted valuation, future asset sales, and strong lead indictors for office demand, BMO added.
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