Tanger Stock Rating Downgraded to Neutral by JPMorgan Chase & Co.
Tanger (NYSE:SKT) has seen its stock rating lowered to 'neutral' from 'overweight' by JPMorgan Chase & Co., a move that could impact investors holding shares of the real estate investment trust. According to MarketBeat Ratings, this downgrade comes with a $39 price target on Tanger's stock, suggesting a potential upside of 10.87% from its previous close.
The company has received various ratings and recommendations from other research firms in recent months. UBS Group set a $41 price objective for shares of Tanger, while BMO Capital Markets boosted their price objective to $42 and gave the company a 'market perform' rating. LADENBURG THALM/SH SH raised its price target on Tanger to $42 and gave the stock a 'buy' rating.
Tanger's latest quarterly earnings results were released on August 4th, beating consensus estimates with EPS of $0.29. The company's revenue for the quarter was up 11.2% compared to the same period last year, reaching $156.39 million. Tanger has set its FY 2026 guidance at 2.450-2.520 EPS.
BlackRock Inc. and State Street Corp are among the largest investors in Tanger, with BlackRock increasing its position by 7.7% in the second quarter. Geode Capital Management LLC boosted its stake in shares of Tanger by 1.0% in the fourth quarter.