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

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Jefferies raised its rating on Tanger Factory Outlet Centers (NYSE: SKT) 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.

Latest Ratings for SKT

DateFirmActionFromTo
Feb 2018Evercore ISI GroupDowngradesIn-LineUnderperform
Nov 2017CitigroupMaintainsSell
Nov 2017Bank of AmericaUpgradesUnderperformNeutral

View More Analyst Ratings for SKT
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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