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