KeyBanc Downgrades Tanger Factory Outlet Centers (SKT) to Underweight; Expect Growth Outlook to Moderate Throughout 2012

KeyBanc downgraded Tanger Factory Outlet Centers (NYSE: SKT) from Hold to Underweight with a price target of $27.00.

KeyBanc analyst says, "We expect SKT’s growth outlook to moderate throughout 2012, and we view much of the Company’s internal and external growth to be sufficiently priced in to the stock at current levels. The outlet sector has realized rather robust demand from retailers looking to increase exposure, though we suspect that retailer demand is at a peak and will decline in coming quarters. Moreover, SKT’s portfolio is operating near peak occupancy levels at ~98%, which could put pressure on SKT’s same-store NOI growth if occupancy in the Company’s portfolio were to pull back from peak levels."

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 $28.75 yesterday.

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