Barclays initiated coverage of Tanger (SKT) with an Equal Weight rating and $33 price target as the firm launched coverage of six REITs across two new sub-sectors for the franchise, Shopping Centers and Malls / Outlets. Despite “obvious” concerns around tariffs and the slowing consumer, the firm believes that investors may be overpaying for the “perceived defensiveness of certain grocery-anchored portfolios,” says the analyst, who broadly favors companies with strong balance sheets and improving free cash flow profiles.
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