NEW YORK ( TheStreet) - The following stocks hit 52-week highs on Tuesday: Tanger Factory Outlet Centers ( SKT), Churchill Downs ( CHDN) and Post Properties ( PPS).
Tanger Factory Outlet Centers Shares of Tanger hit a 52-week high Tuesday of $31.91. The stock's 52-week low of $22.38 was set on Aug. 8. Tanger shares trade at an estimated price-to-earnings ratio for next year of 49.1 times; the average for retail real estate investment trusts is 57.7X. For comparison, Simon Property Group ( SPG) has a lower forward P/E of 43.7X. Analyst comment: "We rate SKT Neutral," JPMorgan analysts wrote in an April 27 report. "From a fundamental standpoint, we are constructive on the story and expect above-average comp NOI
net operating income growth in 2012, along with more positive development headlines to hit the tape over the near term. However, as the economy continues to recover, we believe that investors' capital will likely favor other types of retail and other property sectors that 'lost more' during the downturn. Furthermore, we believe that SKT's attractive growth prospects are currently reflected in the stock's valuation." Eight of the 12 analysts who cover Tanger rate it at hold. Three analysts give the stock a buy rating and one rates it at sell. The stock has risen 8.77% year to date.