Tanger Upgraded to "Neutral" at Goldman Sachs, Raises Price Target (SKT)

Tanger Upgraded to “Neutral” at Goldman Sachs, Raises Price Target (SKT)

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Goldman Sachs reported on Wednesday that it has upgraded real estate investment trust (REIT), Tanger Factory Outlet Centers Inc. (SKT).

The firm has raised its rating on SKT from a “Sell” to “Neutral,” and has increased its price target on the company from $34.50 to $39. This price target suggests a 11% upside from the stock’s current price of $34.65.

An analyst from the firm commented, “Tanger’s advantage from development has improved as a result of (1) a pipeline that has more than doubled in size in the last two quarters and (2) a lower cost of capital from the recent REIT rally. Due to better earnings growth potential, we upgrade SKT to Neutral from Sell and raise our price target to $39 from $34.50.”

Tanger Factory Outlets shares were mostly flat during Wednesday morning trading. The stock has been mostly flat YTD.

The Bottom Line
Shares of Tanger Factory Outlet Centers Inc. (SKT) have a 2.59% yield, based on Wednesday morning’s price of $34.73.

Tanger Factory Outlet Centers Inc. (SKT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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