Citi Downgrades Tanger Factory Outlet Centers (SKT) to Hold
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Citi downgrades Tanger Factory Outlet Centers Inc (NYSE: SKT) from Buy to Hold. Price target $37.50.
Citi analyst says, "Tanger's premium valuation is driven by its low risk balance sheet compared to peers, and that its value-centered outlet malls should hold up relatively well through the recession. However recent share price outperformance means, the company now trades too rich on both a multiple
and implied cap rate basis relative to shopping center and mall peers. As such we are downgrading Tanger to Hold.
Tanger Factory Outlet Centers, Inc., along with its subsidiaries, is an owner and operator of factory outlet centers in the United States.
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