UPDATE: Jefferies Upgrades Tanger Factory Outlet Centers to Buy on Pipeline Outlook

Jefferies raised its rating on Tanger Factory Outlet Centers

from Hold to Buy and increased its price target from $34 to $37. Jefferies commented, "We believe SKT is set up for strong earnings growth in 2013/2014 given the recent development project announcements. As such, SKT's valuation looks attractive relative to its improved earnings outlook. … We are raising our 2013E to $1.85 from $1.82 and raising our PT to $37 from $34. We are upgrading SKT to a Buy, from our prior Hold Rating. We are forecasting 14% and 9% FFO/sh growth in 2013 and 2014, respectively. This is versus 8.6% growth for Mall REITs, and 5.6% growth for Shopping Centers in 2013. Surprisingly, however." Tanger Factory Outlet Centers closed at $31.83 on Thursday.