Tanger Factory upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Tanger Factory to Neutral from Underweight with a price target of $25, up from $24. The company’s key operating metrics such as overall occupancy and rent spreads have been improving, which adds to its core growth visibility and momentum, the analyst tells investors in a research note. Additionally, given the economic backdrop and factors such as the higher rate environment, having a value-focused portfolio could be a marginal positive in the mall/outlet group if the consumer becomes more stretched, says JPMorgan.