NEW YORK ( TheStreet) -- On Friday, Tanger Factory Outlet Centers ( SKT) was downgraded by analysts at Goldman Sachs from a neutral to a sell rating. In a research report on Tanger, analysts mentioned:
- A broader lowering of our retail REIT coverage view to neutral from Attractive as SKT is our third retail downgrade in the last three weeks. Valuation: Our $30 price target implies -10% total return vs. 13% average upside for our coverage universe. Less earnings dynamism than peers, despite strong current fundamentals as a large amount of floating-rate debt limits refinance potential and reduces the sensitivity to top-line growth.