Tanger Factory sees FY13 FFO $1.76-$1.81, consensus $1.81 The company said its estimates reflect a projected increase in same-center net operating income of approximately 4%, and average general and administrative expense of approximately $9.5M-$10.0M per quarter.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Communications Sales & Leasing (CSAL) upgraded to Overweight at Morgan Stanley... FedEx (FDX) upgraded on upcoming positive catalysts at Stifel... Mediaset (MDIUY) upgraded to Buy from Hold at HSBC... Melco Crown (MPEL) upgraded to Hold from Sell at Deutsche Bank... NuVasive (NUVA) upgraded to Buy at Canaccord... SJM Holdings (SJMHY) upgraded to Hold from Sell at Deutsche Bank... Select Medical (SEM) upgraded on expected EBITDA jump at Wells Fargo... Smart & Final Stores (SFS) upgraded to Overweight from Equal Weight at Barclays... Springleaf (LEAF) upgraded to Outperform from Market Perform at Keefe Bruyette... Tanger Factory (SKT) upgraded to Neutral from Underperform at BofA/Merrill.
Tanger Factory upgraded to Neutral from Underperform at BofA/Merrill As previously reported, BofA/Merrill upgraded Tanger Factory to Neutral from Underperform and increased its price target to $38 from $35. Analyst Craig Schmidt upgraded shares following the announced sale completion of five non-core outlet centers for a total cash price of $150.7M. Schmidt believes the sales are a necessary step in improving rental incomes and sales productivity growth.