Tanger Factory resumed with a Buy at Goldman Sachs

Goldman Sachs analyst Caitlin Burrows resumed coverage of Tanger Factory with a Buy rating and $22 price target. Tanger’s occupancy costs of 9% are at their lowest levels since 2013, and remain meaningfully below that of enclosed mall peers, the analyst tells investors in a research note. The firm believes the company can sustain leasing spreads in the high single digits and says its lower leverage is a positive, with no large near-term debt maturities.