Barclays has revised its price target for SL Green Realty (SLG, Financial), reducing it from $76 to $60. Despite this adjustment, the investment firm maintains an Equal Weight rating on the company's shares. This change comes as Barclays updates its models within the real estate investment trust sector.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 16 analysts, the average target price for SL Green Realty Corp (SLG, Financial) is $63.13 with a high estimate of $87.00 and a low estimate of $49.00. The average target implies an upside of 19.15% from the current price of $52.98. More detailed estimate data can be found on the SL Green Realty Corp (SLG) Forecast page.
Based on the consensus recommendation from 17 brokerage firms, SL Green Realty Corp's (SLG, Financial) average brokerage recommendation is currently 2.8, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for SL Green Realty Corp (SLG, Financial) in one year is $31.84, suggesting a downside of 39.9% from the current price of $52.98. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the SL Green Realty Corp (SLG) Summary page.
SLG Key Business Developments
Release Date: April 17, 2025
- Earnings: Exceeded Street's expectations and internal projections by a significant margin.
- Net Operating Income (NOI): Met forecasts.
- Leasing Results: Well ahead of expectations.
- Debt-Related Business Profits: Very strong performance.
- Debt and Preferred Equity (DPE) Investments: Nearly $200 million closed in the past nine months.
- New Debt Investments Pipeline: Over $1.2 billion actively being negotiated.
- 500 Park Acquisition: Building brought to 100% occupancy post-acquisition.
- 100 Park Acquisition: Acquired 50% position, building now 97% leased.
- SUMMIT One Vanderbilt: Number one attended experience of its type in Q1; set a ticket pre-sale record with over $0.5 million in one day.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- SL Green Realty Corp (SLG, Financial) exceeded both the Street's expectations and its own internal projections for the first quarter earnings.
- The company's debt-related businesses performed strongly, benefiting from a volatile credit market and substantial liquidity.
- SL Green Realty Corp (SLG) closed on the acquisition of 500 Park, achieving 100% occupancy shortly after.
- SUMMIT One Vanderbilt was the top-attended experience of its type in the first quarter, with record ticket pre-sales.
- The company is actively negotiating a pipeline of over $1.2 billion in new debt investments, indicating strong future growth potential.
Negative Points
- There is uncertainty in the macroeconomic environment, including potential impacts from tariffs and credit market volatility.
- The company faces challenges in the debt financing markets, with potential turbulence expected due to broader economic conditions.
- Occupancy levels decreased slightly in the first quarter, raising concerns about meeting year-end targets.
- The leasing market is experiencing some uncertainty, with potential impacts from geopolitical factors and market disruptions.
- There is a need for significant capital expenditure for improvement programs, such as the $20 million-plus program at 500 Park.
