Compass Point analyst Floris van Dijkum raised the firm’s price target on Tanger Factory (SKT) to $36 from $34 and keeps a Buy rating on the shares. The “market is essentially giving a green light to SKT to grow,” says the analyst, who adds that issuing equity at a premium to net asset value to buy assets at par while boosting FFO per share is “the sweet spot for REITs.” The firm estimates Tanger to post the highest FFO growth in the analyst’s retail coverage during 2024, prior to potential additional acquisitions, Compass Point noted.
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- Tanger Factory price target raised to $34 from $32 at Compass Point
- Tanger Factory price target raised to $29 from $28 at Evercore ISI