Citi upgraded Tanger Factory to Buy from Neutral with a price target of $33, up from $30. The analyst likes the company’s premium internal growth profile and its ability to deploy capital into accretive acquisitions. Tanger’s operating fundamentals continue to improve as the new management team has improved occupancy cost ratios to nearly 9% with upside into the 10%-12% range, the analyst tells investors in a research note.
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