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Downgrade Alert for SL Green Realty (SLG)

By David Diaz

SL Green Realty (NYSE:SLG) was downgraded from Buy to Hold at Evercore ISI today. The stock closed yesterday at $119.20 on volume of 542,000 shares, below average daily volume of 853,000.

Potential upside of 8.2% exists for SL Green Realty, based on a current level of $119.20 and analysts' average consensus price target of $129.00. The stock should discover initial support at its 200-day moving average (MA) of $106.04 and subsequent support at its 50-day MA of $97.78.

In the past 52 weeks, shares of SL Green Realty have traded between a low of $80.12 and a high of $124.96 and closed yesterday at $119.20, which is 49% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.2%.

SL Green Realty Corp. is a fully integrated, self-administered and self-managed real estate investment trust. The Trust is exclusively focused on owning and operating office buildings in Manhattan.

SmarTrend recommended that subscribers consider buying shares of SL Green Realty on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $106.29. Since that recommendation, shares of SL Green Realty have risen 12.1%. We continue to monitor SLG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades sl green realty

Ticker(s): SLG