UPDATE: BMO Capital Upgrades CubeSmart (CUBE) to Outperform

BMO Capital analyst Juan Sanabria upgraded CubeSmart (NYSE: CUBE) from Market Perform to Outperform with a price target of $47.00 (from $45.00).

The analyst comments "We upgrade CUBE to Outperform from Market Perform with a revised $47 target. We see perceived risk around NYC's post-COVID normalization as overstated. CUBE's NYC portfolio is a positive differentiator with new construction likely to decrease in an already under-penetrated market, which should drive long-term pricing power, augmented by significant local scale. CUBE has a high-quality portfolio, management and platform with an under-levered balance sheet and upside to guidance. We see relative multiple expansion likely as NYC uncertainty fades. Recent comparable transactions (ezStorage) provide valuation support with M&A a possibility."

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 $41.85 yesterday.

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