As previously reported, Compass Point downgraded Tanger Factory to Neutral from Buy with an unchanged price target of $26. Tanger shares rose 4.9% on the day of the company’s earnings call, outperforming the REIT index and the S&P 500 Index, and the stock continues to be one of the best performing REITs this year, the analyst tells investors. Based on the “solid reported results,” the firm is raising its 2023 outlook and its 2024 estimate and concedes that shares “could grind higher,” but the firm believes that Tanger’s mall peers offer higher relative upside at current prices.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SKT:
- Tanger Factory downgraded to Neutral from Buy at Compass Point
- Tanger Factory CEO: We’re repositioning our assets
- Tanger Factory raises FY23 FFO view to $1.90-$1.94 from $1.85-$1.92
- Tanger Factory reports Q3 core FFO 50c, consensus 47c
- Tanger Reports Third Quarter Results and Raises Full-Year 2023 Guidance
