UBS Upgrades Tanger Factory Outlet Centers (SKT) to Buy; Demand for Outlet Space is Far Outpacing Supply

UBS upgraded Tanger Factory Outlet Centers (NYSE: SKT) from Neutral to Buy. PT raised from $31 to $36.

Analyst, Christy McElroy, said, "We view Tanger as a defensive pure-play on outlets – the retail format seeing the greatest demand for space today among retailers – with an attractive absolute and relative valuation and a compelling (internal and external) growth story as well. We favor SKT’s pristine balance sheet, and view the company as a potential take-out candidate. Following another great quarter, evidence of continued strong demand for outlets, clarity around external growth initiatives, and YTD underperformance in the shares, we’re upgrading to Buy."

UBS raises FY12 EPS estimate from $1.62 to $1.63 and FY13 from $1.76 to $1.80.

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 $32.25 yesterday.

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