UPDATE: ISI Makes Minor Changes to SL Green Realty's Estimates; Increases PT

According to a research report published today, ISI has increased SL Green Realty Corp.'s (NYSE: SLG) NAV and DCF each by 2%, as well as increasing PT from $75 to $76.

In the report, ISI commented, “We continue to like the SLG asset value story (NAV is 18% above the current stock price) with its Manhattan office portfolio trading at an implied $545psf vs. our NAV estimate of $583psf. At the same time, SLG's shares trade fairly close to our DCF and AFFO cash flow based fair values, so while the stock does show some upside on our numbers it is not enough for us to get more constructive on the stock near-term. That said, we continue to like the external growth and capital recycling strategy of the company and expect them to outperform the market operationally even if NYC fundamentals soften.”

ISI maintains its Hold rating on SL Green Realty, which closed yesterday at $72.75.