UPDATE: Goldman Sachs Downgrades Tanger Factory Outlet Centers to Sell on Valuation, Sector Sentiment

Goldman Sachs reduced its rating on Tanger Factory Outlet Centers SKT from Neutral to Sell and reiterated its $30 price target. Goldman Sachs commented, "We downgrade Tanger Outlets to Sell from Neutral based on (1) a broader lowering of our retail REIT coverage view to Neutral from Attractive as SKT is our third retail downgrade in the last three weeks (please see our January 3 report Retail REITs to Neutral on valuation (not fundamentals), for more on our coverage view), (2) valuation – our $30 price target implies -10% total return versus 13% average upside for our coverage universe and (3) less earnings dynamism than peers despite strong current fundamentals as a large amount of floating rate debt limits refinance potential and reduces the sensitivity to top-line growth." Tanger Factory Outlet Centers closed at $34.46 on Thursday.