Jefferies Upgrades Tanger Factory Outlet Centers To Buy

According to Jefferies, Tanger Factory Outlet Centers SKT is upgraded to Buy. Jefferies said that its $32 PT implies that one year from now, SKT will trade at a current and forward multiple of 19.9x and 18.5x, respectively. “This is versus today's forward multiple of 16.7x, and the 5-year average forward multiple of 14.8x. Key risk is increased competition to develop outlet centers.” Tanger Factory Outlet Centers closed on Friday at $26.77.