Wells Fargo analyst Blaine Heck lowered his price target for SL Green Realty to $94 from $100 to reflect the recent pull-back and contraction in market multiples across the REIT space. While the company has done a "solid job" executing on its disposition and share repurchasing strategy, the analyst does not believe NYC office fundamentals are poised to accelerate in the near-term and the company is expected to report 2019 ssNOI growth that he believes will be below peers. Heck reiterates a Market Perform rating on the shares.

BMO Capital upgraded SL Green Realty to Outperform from Market Perform with a price target of $58, up from $56. New York City office is one of the few real estate investment trust subsectors seeing improved demand and SL Green continues to exhibit strong leasing momentum, which will lead to improved occupancy, the analyst tells investors in a research note. The firm sees positive leading indicators for New York City office, including higher utilization and increasing market share for relocating tech workers and college grads. SL Green's biggest risk is its high leverage and debt maturities, which the company has been addressing effectively, says BMO.

Consensus $6.06. The company said, "The Company is increasing its 2024 FFO guidance range for the year ending December 31, 2024 to FFO per share of $7.35 to $7.65, as compared to the previous guidance range of FFO per share of $5.90 to $6.20, primarily to reflect incremental gains on discounted debt extinguishments at 2 Herald Square as well as at 280 Park Avenue and 719 Seventh Avenue, as announced today, while maintaining its 2024 net income guidance range of $2.73 to $3.03 per share."

Reports Q1 revenue $187.88M, consensus $132.38M. Funds from operations, or FFO, of $3.07 per share for the first quarter of 2024, inclusive of $141.7M, or $2.02 per share, of gain on discounted debt extinguishment at 2 Herald Square and $5.1M, or 7c per share, of positive non-cash fair value adjustments on a mark-to-market derivative.

Pre-earnings options volume in SL Green Realty is 2.9x normal with puts leading calls 11:2. Implied volatility suggests the market is anticipating a move near 6.0%, or $3.01, after results are released. Median move over the past eight quarters is 2.3%.