UPDATE: Jefferies Raises PT on SL Green Realty Following 2Q13 Results Report

In a report published Tuesday, Jefferies analyst Omotayo Okusanya reiterated a Hold rating on SL Green Realty SLG, and raised the price target from $96.00 to $98.00.

In the report, Jefferies noted, “SLG's 2Q13 results and outlook suggest that NYC fundamentals are on the right track, with broad-based leasing activity and growth in rents supported by accelerating job growth. SLG also benefits from a $1.2B+ structured finance portfolio which should serve as a hedge against rising rates. We are incrementally bullish on SLG and raise our PT to $98, but current valuation at 5.4% implied cap rate and ~20x FFO multiple keep us at a Hold.”

SL Green Realty closed on Monday at $92.90.