Boenning & Scattergood Thinks Tanger Factory’s Stock is Going to Recover

Boenning & Scattergood Thinks Tanger Factory’s Stock is Going to Recover

In a report released today, Merrill Ross from Boenning & Scattergood maintained a Buy rating on Tanger Factory (SKT), with a price target of $27. The company’s shares opened today at $18.92, close to its 52-week low of $17.93.

Ross said:

“We maintain our Outperform rating and $27.00 price target, which is based on an 18% discount to the estimated private market value of SKT’s 40 remaining outlet centers.”

According to TipRanks.com, Ross is a 3-star analyst with an average return of 1.3% and a 57.1% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Monmouth Real Estate Investment.

Tanger Factory has an analyst consensus of Moderate Buy, with a price target consensus of $24.

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The company has a one-year high of $24.91 and a one-year low of $17.93. Currently, Tanger Factory has an average volume of 1.51M.

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Tanger Factory Outlet Centers, Inc. is a fully-integrated, self-administered and self-managed real estate investment trust. It focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.

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