SL Green Realty upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded SL Green Realty (SLG) to Neutral from Underweight with a price target of $80, up from $51, following the investor day. The messaging from the day was positive as New York City office fundamentals are improving at a solid pace, though it has not been even for all buildings in the recovery, the analyst tells investors in a research note. The firm thinks there “remains runway” for SL Green’s internal growth to improve in the next few years, and says the company has the capital costs and access to capital to make accretive investments at a time where properties being available for sale should increase in the office segment. “The stock is not necessarily cheap or without complexity, but the picture is significantly de-risked,” contends JPMorgan.