Morgan Stanley Issues Pessimistic Forecast for SL Green Realty (NYSE:SLG) Stock Price

Key Points

• Morgan Stanley cut its price target on SL Green Realty from $43 to $36 and kept an "equal weight" rating, implying about a 2.22% downside from the current share price.
• Analysts are mixed: the consensus rating is Hold with a consensus target of $51.95 (analyst targets range widely and include 8 Buys, 9 Holds and 2 Sells).
• SLG traded around $36.82 (up ~2.6% intraday), sits near its one‑year low of $34.77, has a market cap of ~$2.63B and shows negative profitability metrics (negative P/E, negative ROE and net margin).

SL Green Realty (NYSE:SLG - Get Free Report) had its price target lowered by analysts at Morgan Stanley from $43.00 to $36.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Morgan Stanley's price objective indicates a potential downside of 2.22% from the company's current price.

Other research analysts have also issued reports about the stock. Citigroup reduced their price objective on shares of SL Green Realty from $55.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, March 24th. Raymond James Financial set a $44.00 price target on SL Green Realty in a report on Tuesday, February 3rd. UBS Group set a $61.00 price objective on SL Green Realty in a research note on Wednesday, January 14th. JPMorgan Chase & Co. dropped their price objective on SL Green Realty from $52.00 to $51.00 and set a "neutral" rating for the company in a research note on Wednesday, January 14th. Finally, Truist Financial set a $44.00 price target on shares of SL Green Realty in a report on Tuesday, February 3rd. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $51.95.

SL Green Realty Trading Up 2.6%

NYSE SLG traded up $0.94 during mid-day trading on Tuesday, reaching $36.82. 737,971 shares of the stock were exchanged, compared to its average volume of 1,378,109. The stock has a market cap of $2.63 billion, a P/E ratio of -22.85 and a beta of 1.66. The company has a debt-to-equity ratio of 1.05, a current ratio of 2.66 and a quick ratio of 2.66. SL Green Realty has a one year low of $34.77 and a one year high of $66.91. The stock has a 50 day simple moving average of $40.23 and a 200-day simple moving average of $47.16.

SL Green Realty (NYSE:SLG - Get Free Report) last issued its quarterly earnings data on Wednesday, January 28th. The real estate investment trust reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.03. SL Green Realty had a negative return on equity of 2.44% and a negative net margin of 9.66%.The business had revenue of $159.82 million for the quarter, compared to analysts' expectations of $162.73 million. During the same period last year, the business earned $1.81 EPS. The business's revenue was up 14.5% on a year-over-year basis. On average, analysts anticipate that SL Green Realty will post 5.43 EPS for the current year.

Institutional Investors Weigh In On SL Green Realty

A number of institutional investors have recently made changes to their positions in the company. Cohen & Steers Inc. purchased a new position in SL Green Realty in the 4th quarter worth approximately $121,675,000. Goldman Sachs Group Inc. raised its stake in shares of SL Green Realty by 62.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,918,292 shares of the real estate investment trust's stock worth $133,862,000 after purchasing an additional 1,117,357 shares during the last quarter. Norges Bank purchased a new position in shares of SL Green Realty in the fourth quarter worth $44,094,000. M&T Bank Corp bought a new position in shares of SL Green Realty during the fourth quarter valued at $43,201,000. Finally, Victory Capital Management Inc. boosted its position in shares of SL Green Realty by 535.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,107,618 shares of the real estate investment trust's stock valued at $50,806,000 after buying an additional 933,272 shares during the last quarter. Hedge funds and other institutional investors own 89.96% of the company's stock.

SL Green Realty Company Profile

SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.

Founded in 1980 by real estate investor Stephen L.

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