UPDATE: Cantor Fitzgerald Initiates Buy, $13 PT on CubeSmart

Cantor Fitzgerald initiates its coverage on CubeSmart (NYSE: CUBE) with a Buy rating and a price target of $13 a share as it views the stock as a rare, relative value play within a heated, high-growth sub-sector.

Cantor Fitzgerald says, "CubeSmart has had tumultuous history, although management has “righted the ship.” The balance sheet is stronger, with growth capacity, while portfolio metrics are improving. The company does march to a different operational drummer, which has led to a below-average portfolio occupancy in recent years. There has also been a name change /re-branding effort designed to "meet the future of storage demand." Although initially skeptical, we now believe the diversions to matter little in the context of relative value. Finally, recent acquisitions appear to have been transformative, however heavy the price."

CUBE closed at $11.41 a share yesterday.