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.
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