Raymond James Resumes CubeSmart (CUBE) at Outperform

Raymond James analyst RJ Milligan resumes coverage on CubeSmart (NYSE: CUBE) with a Outperform rating and a price target of $44.00.

The analyst comments "We are resuming coverage of CUBE with an Outperform rating largely based on valuation. We view CUBE’s valuation as attractive, trading at a slight AFFO multiple discount to the peer group and a ~20% discount to our NAV estimate. Additionally, we would highlight, 1) improving demand/move-in rates; 2) the stability provided by its New York and Midwest exposure (less impacted by new supply/more stable demand trends); and 3) smaller size that makes any external growth more impactful (if and when CUBE re-gains a more attractive cost of capital)."

For an analyst ratings summary and ratings history on CubeSmart click here. For more ratings news on CubeSmart click here.

Shares of CubeSmart closed at $40.52 yesterday.

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