UPDATE: Cantor Fitzgerald Initiates Buy, $84 on SL Green Realty

Cantor Fitzgerald initiates its coverage on SL Green Realty

with a Buy and $84 price target on external growth potential through joint ventures and retain acquisitions. Cantor Fitzgerald says, "SL Green has been active in 2010-11, acquiring an aggregate of $3.9 billion. We estimate SL Green's current line of credit availability at more than $1.1 billion. However, with a 2012 objective of reducing debt to EBITDA to below 8x, we anticipate the company will acquire value-add/retail assets in joint ventures over the next 18-24 months. We believe that because pricing in Midtown Manhattan has become competitive, SL Green may selectively move into strengthening sub-markets, such as Midtown South and downtown." SLG closed at $76.95 yesterday.