Raymond James Is Bullish On CubeSmart, Public Storage - Read Why

• Raymond James analyst Jonathan Hughes upgraded CubeSmart (NYSE: CUBE) from Outperform to Strong Buy and lowered the price target from $60 to $52 (24.6% upside).

• Hughes maintained Public Storage (NYSE: PSA) with a Strong Buy and lowered the price target from $375 to $365 (15.7% upside).

• The self-storage REITs were vulnerable to the recent sell-off despite the positive fundamental updates. They have been among the most significant underperformers vs. the REIT average QTD.

• Hughes believes the recent weakness is profit-taking and fears over customer behaviors, notably move-outs and rents returning to more normal levels, despite little change through April.

• Hughes believes the declining new supply impact has likely declined further given the recent shift in macroeconomic and capital market conditions creating a scenario where fundamentals can surpass expectations for the next several years.

• The revised earnings estimates are not as optimistic as they would have been several weeks ago, as Hughes now incorporates some impact from a potential consumer-driven recession.

• Price Action: CUBE shares traded higher by 1.93% at $41.63 on the last check Monday.

Latest Ratings for CUBE

Date	Firm	Action	From	To
Dec 2021	Truist Securities	Maintains		Hold
Dec 2021	Raymond James	Upgrades	Market Perform	Outperform
Oct 2021	Berenberg	Initiates Coverage On		Hold

View More Analyst Ratings for CUBE

View the Latest Analyst Ratings

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