UPDATE: Jefferies Color On SLG Target Increase

Jefferies, which raised its PT on shares of SL Green Realty Corp. SLG, is providing color on the stock. “We are raising our 2011 and 2012 FFO per share estimates to $4.75 and $4.40 from $4.15 and $4.37, respectively,” Jefferies writes. “The higher estimates reflect the 1Q11 gains and lower expected reserves on the company's debt and preferred equity investment portfolio going forward.” SL Green Realty Corp. closed Monday at $82.84.