BofA analyst Jeffrey Spector upgraded Tanger Factory to Neutral from Underperform with a price target of $31, up from $24. Tanger did an excellent job of showcasing its platform during the firm’s NYC Retail REIT Executive Summit, and its team has achieved key objectives and the market has properly rewarded them for it, the analyst tells investors in a research note. While BofA agrees with Tanger’s next key initiative to upgrade its tenant mix reducing renewals to low 80% from 95%, the firm thinks it will take time to prove out.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SKT:
- Tanger Factory upgraded to Buy from Neutral at Citi
- Tanger Factory price target raised to $31 from $29 at Compass Point
- Tanger Factory Unveils Q4 and Annual Financial Results
- Tanger Reports Fourth Quarter and Full Year 2023 Results and Introduces 2024 Guidance
- Tanger Factory sees FY24 core FFO $2.02-$2.10, consensus $2.03
