Jefferies Upgrades SL Green Realty (SLG) to Buy

Jefferies upgraded SL Green Realty (NYSE: SLG) to Buy with a price target of $75 (up from $72).

The firm comments, "We believe that the impact of Wall Street layoffs is better reflected following the stock’s 32% decline since our report, NYC Office Market: Bullish Sentiment Ignores Uncertain Outlook for Wall Street, published on July 14, 2011. The rationale for our upgrade of SLG is as follows: 1) outlook for transaction cap rates, 2) implied versus historical transaction cap rates, 3) strong rent and occupancy outlook, 4) decent liquidity profile, 5) above average lease terms, 6) meaningful lease-up opportunities, and 7) potential for a dividend increase."

For more ratings news on SL Green Realty click here and for the rating history of SL Green Realty click here.

Shares of SL Green Realty closed at $58.15 yesterday.

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