SL Green Realty price target raised to $87 from $72 at BMO Capital

BMO Capital raised the firm’s price target on SL Green Realty (SLG) to $87 from $72 and keeps an Outperform rating on the shares after its “strong” Q3 results. The company’s leasing pipeline continues to be one of the most credible in the office sector, in terms of translating into leases signed, while its cash mark-to-market is almost certainly going to improve in Q4 after rising 10.8% year-to-date, the analyst tells investors in a research note. BMO remains positive on SL Green thanks to the stock’s discounted valuation, the company’s future asset sales, and strong lead indictors for office demand.