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Self-storage REITs reported sector-leading SS NOI growth in the second quarter of the year, even above already high expectations. With peak occupancies across the industry driving greater pricing power, Bank of America Merrill Lynch analysts Jana Galan, Jeffrey Spector and Camille Tan reiterate their Buy ratings while boosting their price targets on Extra Space Storage, Inc. (NYSE: EXR), Public Storage (NYSE: PSA), CubeSmart (NYSE: CUBE) and Sovran Self Storage Inc (NYSE: SSS).
The positive view is also encouraged by strong overall fundamentals, prospects for accretive acquisitions and further market share gains, and “increased demand from an improving economy. In addition, technology/platform advantages allow for better revenue management,” the experts note.
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Related Link: Baird Bullishly Initiates Self-Storage REITs
According to the note, risks include mounting price competition, move-outs, Internet advertising costs, and supply growth (surging faster than expected).
Having said this, however, Extra Space Storage is on Spector’s Top Picks list.
The price targets assigned to each stock are:
- Extra Space Storage: $85.00, up from $82.00
- Public Storage: $231.00, up from $228.00
- CubeSmart: $30.00, up from $29.00
- Sovran Self Storage: $108.00, up from $106.00
All of these price objectives imply an upside potential of at least 6 percent from current stock prices.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.