Tanger downgraded to Neutral at BofA on lower relative total return

As previously reported, BofA analyst Samir Khanal downgraded Tanger (SKT) to Neutral from Buy with an unchanged price target of $39 as the firm now sees more attractive risk/reward elsewhere in retail REITs following the stock having returned 10.9% over the past month. Tanger’s current AFFO multiple “looks rich” versus malls and shopping centers, despite comparable mid-single-digit NOI and FFO growth, the analyst added.