Goldman Sachs Downgrades Tanger Factory Outlet Centers (SKT) to Sell

January 4, 2013 7:38 AM EST
Get Alerts SKT Hot Sheet
Price: $35.80 --0%

Rating Summary:
    2 Buy, 8 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 5 | New: 17
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Goldman Sachs downgraded Tanger Factory Outlet Centers (NYSE: SKT) from Neutral to Sell with a price target of $30.00.

The firm cited: "(1) a broader lowering of our retail REIT coverage view to Neutral from Attractive as SKT is our third retail downgrade in the last three weeks (please see our January 3 report Retail REITs to Neutral on valuation (not fundamentals), for more on our coverage view), (2) valuation – our $30 price target implies -10% total return versus 13% average upside for our coverage universe and (3) less earnings dynamism than peers despite strong current fundamentals as a large amount of floating rate debt limits refinance potential and reduces the sensitivity to top-line growth."

For an analyst ratings summary and ratings history on Tanger Factory Outlet Centers click here. For more ratings news on Tanger Factory Outlet Centers click here.

Shares of Tanger Factory Outlet Centers closed at $34.46 yesterday.

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