In a report released today, Caitlin Burrows from Goldman Sachs upgraded Tanger (SKT – Research Report) to a Buy, with a price target of $40.00.
Caitlin Burrows has given her Buy rating due to a combination of factors that indicate strong future performance for Tanger Inc. The company has shown positive revisions in earnings estimates, largely attributed to sustained same-store net operating income growth and successful acquisitions. These factors have led to increased confidence in the company’s ability to maintain this growth trajectory.
Additionally, projections for funds from operations (FFO) suggest a steady annual growth rate of 6.5% over the next few years, specifically for 2025, 2026, and 2027. The 12-month price target is set at $40.00, based on an adjusted funds from operations (AFFO) multiple, which reflects a positive outlook on the company’s valuation. These elements collectively support the Buy recommendation.