Scotiabank upgrades Tanger with key concern not playing out

Scotiabank analyst Greg McGinnis upgraded Tanger Factory to Sector Perform from Underperform with a price target of $28, up from $20. The firm says its key concern regarding higher tenant risk exposure for Tanger versus its retail peers has not materialized in a meaningful way. Outside a potential consumer-led recession, the company’s earnings risk will remain more limited than feared, the analyst tells investors in a research note.