Evercore ISI Upgrades Tanger Factory Outlet Centers (SKT) to In Line

Evercore ISI analyst Samir Khanal upgraded Tanger Factory Outlet Centers (NYSE: SKT) from Underperform to In Line with a price target of $22.00 (from $17.00).

The analyst comments "We are upgrading SKT to In-Line from Underperform and raising the PT from $17 to $22 as we increased the targeted multiple we apply to ’23 AFFO earnings from 15.5x to 16x. We also raised our long term growth rate in the DCF framework given the improving rev trend. SKT’s solid results in 3Q including the meaningful pickup in occ. vs. our expectations validates the improvement/ongoing recovery we are seeing in the mall REITs (including SKT’s portfolio). This limits any near term downside risk to the story. Also note that management expects a lower level of space recapture activity in ’22 vs ’21."

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 $21.27 yesterday.

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