Tanger Factory Outlet Centers’s Neutral Rating Reaffirmed at Goldman Sachs (SKT)
Tanger Factory Outlet Centers (NYSE: SKT)‘s stock had its “neutral” rating reiterated by analysts at Goldman Sachs in a research report issued to clients and investors on Wednesday, Analyst Ratings Network reports. They currently have a $39.00 target price on the stock, up from their previous target price of $34.50. Goldman Sachs’ price objective points to a potential upside of 13.24% from the stock’s previous close.
The analysts wrote, “Tanger’s advantage from development has improved as a result of (1) a pipeline that has more than doubled in size in the last two quarters and (2) a lower cost of capital from the recent REIT rally. Due to better earnings growth potential, we upgrade SKT to Neutral from Sell and raise our price target to $39 from $34.50.”
A number of other firms have also recently commented on SKT. Analysts at Jefferies Group reiterated a “buy” rating on shares of Tanger Factory Outlet Centers in a research note to investors on Tuesday, June 11th. They now have a $40.00 price target on the stock, down previously from $43.00. Separately, analysts at TheStreet downgraded shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research note to investors on Monday, June 3rd. Finally, analysts at RBC Capital raised their price target on shares of Tanger Factory Outlet Centers from $40.00 to $43.00 in a research note to investors on Monday, May 6th.
One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Tanger Factory Outlet Centers has an average rating of “Hold” and an average target price of $38.50.
Shares of Tanger Factory Outlet Centers (NYSE: SKT) opened at 34.44 on Wednesday. Tanger Factory Outlet Centers has a 52 week low of $30.58 and a 52 week high of $39.45. The stock’s 50-day moving average is currently $36.14. The company has a market cap of $3.214 billion and a P/E ratio of 53.90.
Tanger Factory Outlet Centers (NYSE: SKT) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.41 by $0.01. The company had revenue of $88.70 million for the quarter, compared to the consensus estimate of $88.08 million. During the same quarter last year, the company posted $0.37 earnings per share. Tanger Factory Outlet Centers’s revenue was up 5.3% compared to the same quarter last year. Tanger Factory Outlet Centers has set its FY13 guidance at $1.77-1.81 EPS. Analysts expect that Tanger Factory Outlet Centers will post $1.81 EPS for the current fiscal year.
Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust (NYSE: SKT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.
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