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Downgrade Alert for SL Green Realty (SLG)

By Nick Russo

SL Green Realty (NYSE:SLG) was downgraded from Buy to Hold at Stifel today. The stock closed yesterday at $101.82 on volume of 885,000 shares, above average daily volume of 853,000.

SL Green Realty has overhead space with shares priced $101.83, or 21.1% below the average consensus analyst price target of $129.00. The stock should find resistance at its 200-day moving average (MA) of $106.04, as well as 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 $101.83, which is 27% 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 its subscribers protect gains by selling shares of SL Green Realty on September 9th, 2016 by issuing a Downtrend alert when the shares were trading at $113.22. Since that call, shares of SL Green Realty have fallen 8.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades sl green realty

Ticker(s): SLG