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On Wednesday, Citi adjusted its outlook on Tanger Factory (NYSE:SKT) Outlet Centers (NYSE:SKT), increasing the price target to $34 from the previous $33 while maintaining a Buy rating on the stock. The revision reflects an updated model based on the company's second-quarter results, which showed improved operating fundamentals over prior estimates.
The firm's 2024 estimated funds from operations (FFO) for Tanger Factory Outlet Centers have been revised upward from $2.07 to $2.09. This adjustment is attributed to the company's stronger-than-anticipated operational performance.
In addition to the FFO revision, Citi has also raised its net asset value (NAV) estimate for Tanger Factory Outlet Centers. The increase in NAV is driven by a 75 basis points reduction in the applied capitalization rate, which is used to estimate the value of income-producing properties.
The upgraded price target suggests that Citi analysts see potential for growth in Tanger Factory Outlet Centers' stock value. The maintained Buy rating indicates a positive outlook on the stock's performance going forward.
Investors may consider this update from Citi as a sign of confidence in Tanger Factory Outlet Centers' financial health and its ability to generate returns.
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