UPDATE - UBS upgraded Tanger Factory Outlet Centers (SKT) to Buy; Valuation Looks More Attractive Following Pullback
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Price: $26.48 -0.3%
Rating Summary:
4 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
Rating Summary:
4 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
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UPDATE - UBS upgraded Tanger Factory Outlet Centers (NYSE: SKT) from Neutral to Buy. PT raised $1 to $28.
UBS analyst said, "After meeting with management last week and receiving clarity on acquisitions ($500M under contract) and development (est. $100-150M annually) in the pipeline, we’re raising 2012E FFOPS (+$0.07 to $1.52) and 2013E (+$0.08 to $1.63). We now forecast 7-9% growth through 2013 (up from 4-6% previously)."
"Following a 9% pullback in the shares over the last month, combined with a higher growth outlook, SKT looks more attractive to us at a 6.3% implied cap rate and trading in line with forward NAV and DCF. We believe Tanger has one of the best fundamental stories in the retail REIT sector over the next two years, and the company is using its pristine balance sheet to make accretive investments. Additional acquisitions, future development project announcements and continued strong NOI growth should serve as positive catalysts for the shares."
UBS analyst said, "After meeting with management last week and receiving clarity on acquisitions ($500M under contract) and development (est. $100-150M annually) in the pipeline, we’re raising 2012E FFOPS (+$0.07 to $1.52) and 2013E (+$0.08 to $1.63). We now forecast 7-9% growth through 2013 (up from 4-6% previously)."
"Following a 9% pullback in the shares over the last month, combined with a higher growth outlook, SKT looks more attractive to us at a 6.3% implied cap rate and trading in line with forward NAV and DCF. We believe Tanger has one of the best fundamental stories in the retail REIT sector over the next two years, and the company is using its pristine balance sheet to make accretive investments. Additional acquisitions, future development project announcements and continued strong NOI growth should serve as positive catalysts for the shares."
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