UPDATE: Jefferies Downgrades Tanger Factory Outlet Centers to Hold, Lowers PT on Moderating Growth, Rising Rates

In a report published Wednesday, Jefferies analyst Omotayo Okusanya downgraded the rating on

from Buy to Hold, and lowered the price target from $40.00 to $35.00. In the report, Jefferies noted, “We expect near-term headwinds for the mall and outlet mall segment as tenant sales growth appears to be slowing. At SKT, development yields on two projects have also been reduced. Further, rising interest rates negatively impact our DDM-derived PT. Our lowered PT of $35 represents a 10% total return over the next-twelve-months (NTM); we are downgrading to Hold.” Tanger Factory Outlet Centers closed on Tuesday at $32.55.