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Investing.com - Evercore ISI has reiterated an Outperform rating on SL Green Realty (NYSE:SLG) with a price target of $74.00. The stock currently trades at $60.71, with InvestingPro data showing a market capitalization of $4.62 billion and an attractive dividend yield of 5.04%.
The stock traded down 4.1% following SL Green’s latest earnings report, suggesting investor expectations were high and the results fell short of supporting the current share price. According to InvestingPro analysis, the company’s revenue declined 13.69% in the last twelve months, though it maintains strong liquidity with a current ratio of 12.42.
Despite the market reaction, Evercore ISI maintains that the investment thesis for SL Green remains intact, noting the company is tracking ahead of its leasing goals.
The firm identified several potential catalysts for SL Green, including its casino bid, strong adjusted funds from operations (AFFO) growth projected for 2026, and the company’s growing debt fund.
Evercore ISI also highlighted additional SUMMIT locations as another positive factor in its continued bullish outlook on the real estate investment trust.
In other recent news, SL Green Realty Corp reported its second-quarter 2025 earnings, showcasing a narrower-than-expected loss with an earnings per share (EPS) of -$0.16, surpassing the forecasted -$0.21. Despite this positive earnings surprise, the company’s revenue did not meet expectations, totaling $147.54 million against a projection of $157.96 million. The company has also raised its earnings guidance by $0.40 per share, reflecting confidence in its strategic direction. Additionally, SL Green Realty highlighted its robust corporate liquidity and fund availability, which exceed $2 billion, positioning it well for future investments.
The company’s earnings call emphasized its strategic investments and leasing activities as contributors to its performance, though challenges in office leasing remain evident. Analysts noted that SL Green’s stock experienced a decline following the earnings announcement, indicating investor concerns over revenue shortfalls. However, the raised earnings guidance suggests a positive outlook from the company’s leadership. The firm is also actively pursuing a casino license in Times Square, a project that has been in development for nearly four years.
These developments reflect SL Green’s adaptive strategies in navigating current market conditions, with continued focus on leasing goals and potential new ventures.
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