Goldman Sachs reduced its rating on Tanger Factory Outlet CentersSKT
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.
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