UPDATE: Morgan Stanley Initiates Coverage on SL Green Realty Corp. with Equal-Weight Rating Awaiting Better Entry Point

In a report published Thursday, Morgan Stanley analyst Vance H. Edelson initiated coverage on

with an Equal-Weight rating. In the report, Morgan Stanley noted, “As a near pure play on Manhattan office, SLG will benefit from the growing tenant demand suggested by our broker survey. Mark-to-market leasing helps drive FFO up 15% by 2015. But with shares up 20% YTD vs. -1% for the RMZ and fewer acquisitions to create value, we await a better entry point.” SL Green Realty Corp. closed on Wednesday at $91.50.