Goldman Sachs Upgrades Tanger Factory Outlet Centers (SKT) to Neutral

Goldman Sachs upgraded Tanger Factory Outlet Centers (NYSE: SKT) from Sell to Neutral with a price target of $39.00 (from $34.50). Analyst Andrew Rosivach noted earnings acceleration.

"Tanger's advantage from development has improved as a result of (1) a pipeline that has more than doubled in size in the last two quarters and (2) a lower cost of capital from the recent REIT rally . . . We estimate Tanger's development pipeline will produce 14% earnings accretion after funding costs, once it is complete," said Rosivach.

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 $34.44 yesterday.

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