Analyst Juan C. Sanabria of BMO Capital maintained a Hold rating on Tanger, boosting the price target to $36.00.
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Juan C. Sanabria has given his Hold rating due to a combination of factors, including Tanger’s strong leasing performance and improved financial guidance. The company reported record leasing volumes and healthy spreads, which contributed to a robust year-over-year increase in same-store sales productivity. Despite these positive indicators, there is a general skepticism among investors regarding retail REITs, primarily due to uncertainties surrounding consumer behavior.
Furthermore, while Tanger’s earnings guidance has been raised in line with expectations, and the company’s core funds from operations per share exceeded consensus estimates, the broader market’s cautious outlook on retail REITs tempers enthusiasm. Sanabria’s Hold rating reflects a balanced view, acknowledging Tanger’s operational strengths while remaining mindful of the external challenges facing the sector.
In another report released on October 31, TR | OpenAI – 4o also downgraded the stock to a Hold with a $35.00 price target.