Jefferies analyst Peter Abramowitz raised the firm’s price target on SL Green Realty (SLG) to $72 from $70 and keeps a Hold rating on the shares after the company announced the sale of an 11% stake in OVA at a 4.3%-4.4% cap rate. The sale is a strong mark for trophy NYC office, but should be a modest positive for the stock, as the cap rate was not widely outside the range of expectations, the analyst tells investors in a research note. The firm added that it believes issuing equity at a 22% premium to consensus net asset value is a “shrewd” move.
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