KeyBanc Upgrades Tanger Factory Outlet Centers (SKT) to Sector Weight

KeyBanc upgraded Tanger Factory Outlet Centers (NYSE: SKT) from Underweight to Sector Weight and removed its price target (prior $31.00). Analyst Todd M. Thomas expects sentiment to improve.

"We expect sentiment and core growth to improve in the coming quarters on the heels of above-average retenanting activity (214ksf at ~40% spreads), a near-term inflection in occupancy, and what we suspect is a bottoming in sentiment following heightened discussions around outlet center valuations and the Company's three unsuccessful attempts to sell four assets. Shares are -10% YTD vs. -6% for the malls and -2% for the RMS; we expect shares to perform in line with the sector and REITs over the coming quarters," said Thomas.

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 $32.43 yesterday.

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