UPDATE: ISI Group Reiterates Hold Rating, Raises PT on Tanger Factory Outlet Centers

In a report published Wednesday, ISI Group reiterated its Hold rating on Tanger Factory Outlet Centers

, and raised its price target to $33.00. ISI Group noted, “We're anticipating blended cash releasing spreads to be in the mid-teens during the back-half of ‘12, based on our assumptions for cash spreads on new leases of 30% and 10% on renewals resulting in blended cash spreads of around 15%, in-line with the rent spreads reported YTD. SKT's new guidance for 5-6% same-store growth for the year is still conservative in our view, as the company's current NOI run rate (stemming largely from over 50% of expiring leases being addressed in 1Q) warrants a same-store growth rate in the mid 6% this year. We anticipate ~6% same-store NOI growth in 2H12.” Tanger Factory Outlet Centers closed on Tuesday at $32.20.