UBS Remains Sidelined on Tanger Factory Outlet Centers (SKT) - PT to $39
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UBS reiterated a Neutral rating on Tanger Factory Outlet Centers (NYSE: SKT), and raised the price target to $39.00 (from $34.00), after adjusting estimates. UBS raised 2016 FFOPS estimates to $2.35 (from $2.31) and 2017 FFOPS estimates to $2.52 (from $2.48), primarily to reflect better than expected 1H16 operating results and the consolidation of SKT's partners interest in Savannah and Westgate.
Analyst Jeremy Metz commented, "SKT's solid balance sheet and defensive characteristics have been rewarded in today's current low rate, ultra-competitive retail environment. The portfolio is performing well and we think SKT is positioned to drive >3% NOI growth in the near term given steady outlet demand, limited availability (current occupancy of ~97%), and positive releasing spreads."
Shares of Tanger Factory Outlet Centers closed at $40.52 yesterday.
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