Why Tanger Factory Outlet's Stock Is Trading Lower Today

Tanger Factory Outlet Centers, Inc. SKT shares are trading lower on Monday.

Bank of America analyst Craig Schmidt downgraded the stock from Neutral to Underperform and lowered its price target from $11 to $5.50 per share.

Tanger Factory Outlet Centers is a real estate investment trust headquartered in Greensboro, North Carolina that invests in shopping centers containing outlet stores.

The company shares were trading down 12.21% at $6.11 on Monday. The stock has a 52-week high of $21.28 and a 52-week low of $5.55.