Functional Brands closes $8 million private placement and completes Nasdaq listing
Investing.com - Piper Sandler has reiterated its Overweight rating and $72.00 price target on SL Green Realty (NYSE:SLG), maintaining its positive outlook despite recent stock performance challenges. This target represents a 40% upside from the current price of $51.35, significantly higher than the average analyst target of 19% upside.
The real estate investment trust has experienced a 15% decline since October 1, underperforming competitors Boston Properties (NYSE:BXP) and Vornado Realty Trust (NYSE:VNO), which fell 7% and 8% respectively during the same period.
Year-to-date performance shows similar disparities, with SL Green down 24% compared to Boston Properties’ 4% decline and Vornado’s 10% drop.
Piper Sandler suggests market concerns about the upcoming New York City mayoral election on Tuesday, November 4, may be disproportionately affecting SL Green shares, despite the company’s history of effective collaboration with previous progressive city leadership.
The firm points to robust office leasing activity in the third quarter of 2025 as evidence that business sentiment remains strong despite election uncertainties, indicating the election impact may be "overly priced in" to SL Green’s current valuation.
In other recent news, SL Green Realty Corp. reported its third-quarter 2025 earnings, significantly surpassing Wall Street expectations. The company achieved an earnings per share of $0.34, outperforming the anticipated -$0.34. Revenue also exceeded forecasts, reaching $244.82 million compared to the expected $156.92 million, marking a 56.02% surprise. Despite these strong financial results, analysts have adjusted their outlooks on the company. Scotiabank lowered its price target to $66.00 from $71.00, citing higher interest expenses and lower investment income. Meanwhile, Piper Sandler maintained an Overweight rating with a $72.00 price target, noting SL Green’s promising position as New York City’s office market rebounds. On the other hand, Truist Securities reduced its price target to $54.00, referencing concerns about declining funds from operations. These developments indicate a mixed sentiment among analysts regarding SL Green’s financial trajectory.
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